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Committee declines to terminate Stockgrowers purchase agreement, keeps downtown TIF on track
Summary
The Rapid City Legal and Finance Committee voted April 30 to not terminate the purchase agreement for the city-owned Stockgrowers lot at 416 St. Joseph Street, preserving the developer's path to close and moving related tax increment financing decisions to the full council.
The Rapid City Legal and Finance Committee voted April 30 to not terminate the real-estate purchase agreement with Elevate Rapid City and 11 Main LLC for the city-owned Stockgrowers lot at 416 St. Joseph Street, preserving the developer's opportunity to close and asking the full City Council to consider associated tax increment financing (TIF) requests.
The decision followed public comment from the development team and a staff presentation that said the purchase agreement had not closed by the contract date but did not automatically terminate. Joel Schweindien, the city attorney, told the committee that the contract gave the council discretion to terminate or to allow the sale to proceed. "If you terminate it, obviously, that would be the end of the project," he said.
Why it matters: the project under the purchase agreement is tied to a proposed…
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