Agenda Item Title:
Approve Resolution No. 2022-012 a Resolution of Intent to Enter Into Lease Agreement From City to Security First Bank for 5430 Sheridan Lake Road Pursuant to SDCL 9-12-5.2
Origination Group:
Legal & Finance Committee
Origination Meeting Date:
02/02/2022
City Council Hearing Date:
02/07/2022
Staff Contact:
Don Hedrick, Chief of Police; Justin Williams, Assistant City Attorney; Dale Tech, Public Works Director
Agenda Item Summary:
The City has preliminarily agreed to purchase the land and building on the corner of Catron Boulevard and Sheridan Lake Road from Security First Bank to be used as a new Police Precinct building. The accompanying lease is necessary to allow time for Security First Bank to finish its new building location on Catron and Mt. Rushmore Road. The monthly lease amount was agreed upon by an average amount for commercial office space in the area, including the amount Security First Bank will charge a tenant in its new building once complete.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
Recommendations:
Origination Recommendation Action:
Approve