Posted: February 10, 2022
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF021622 11

Agenda Item Title:

Approve Resolution No. 2022-013 A Resolution To Enter Into A Lease Agreement From City To Security First Bank For 5430 Sheridan Lake Road

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
City Council Hearing Date:
Staff Contact:
Justin Williams, Assistant City Attorney/Don Hedrick, Police Chief
Agenda Item Summary:
The City recently entered into a Purchase Agreement to purchase this property from Security First Bank to be used as a new police precinct. The lease is necessary to allow time for Security First Bank to complete its new building located at 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. The lease ends on September 30, 2022, but can be extended until no later than December 31, 2022.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center


Origination Recommendation Action:

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