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Pennington County approves letter of intent to sell downtown administration building to Elevate Rapid City
Summary
The commission authorized a letter of intent for Elevate Rapid City to purchase the county's 14 E Saint Joseph Street building and begin due diligence, with Elevate and the School of Mines planning a downtown innovation corridor; a formal purchase agreement and closing remain subject to further approvals and 45–60 business days of drafting and due diligence.
Pennington County commissioners on Nov. 18 authorized the board chair to sign a letter of intent from Elevate Rapid City to purchase the county’s downtown administration building at 14 East Saint Joseph Street and to begin the process of drafting a purchase-and-sale agreement.
Davis Purcell, the county’s director of buildings and grounds, outlined the LOI terms: Elevate would place $25,000 in earnest money with the title company, the county would draft a formal purchase…
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