Posted: May 04, 2022
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF051122 06

Agenda Item Title:

Approve Resolution No. 2022-045 a Resolution Regarding Certain Leases

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
05/11/2022
City Council Hearing Date:
05/16/2022
Staff Contact:
Kinsley Groote, Assistant City Attorney
Agenda Item Summary:
This resolution is needed for low dollar leases (annual values of $500 or less) and short-term leases (terms of 120 days or less) of municipally-owned property in order to comply with statutory requirements for approval of leases by resolution. For instance, there are several facilities that the City owns that rent time slots at the facilities. This resolution would cover those types of rentals. Notably, the $500 maximum value is based upon the market value of the rental, even if the lease agreement only requires monetary consideration of $1.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

Origination Recommendation Action:
Approve

Login Form