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Posted on: July 27, 2022

Resolution 22-058

Resolution 22-058

 

Resolution Authorizing the Transfer of Real Property 

for Economic Development Purposes

 

 

Be It Resolved by the City Council of the City of Brookings, South Dakota as follows:

 

Whereas, in response to a Request for Proposals for Workforce Housing projects, the City of Brookings received an exceptional proposal from CD Properties, LLC, for the purchase of the following described property: 

Block Four (4) of D and D Addition in the Southeast Quarter (SE¼) of Section Thirty-five (35), Township One Hundred Ten (110) North, Range Fifty (50) West of the 5th P.M., City of Brookings, County of Brookings, State of South Dakota, and 

 

Whereas, for the express purpose of furthering economic growth and development of the City of Brookings, South Dakota, the City of Brookings has accepted the proposal from CD Properties, LLC, in response to the City’s Request for Proposals for a Workforce Housing Opportunity, and the City agrees to convey the above-described property for no cash consideration, but with restrictive covenants to promote workforce housing, to CD Properties, LLC, in accordance with applicable law; and 

 

Whereas, the City of Brookings has determined that the proposal submitted by CD Properties, LLC, will provide economic growth by providing approximately 2.3 acres of land, as described herein, to facilitate the creation of owner-occupied workforce housing units which will be sold at prices consistent with the needs of the Brookings workforce and the requirements of the South Dakota Housing Development Authority Housing Opportunity Fund program requirements, thereby furthering economic development in the City of Brookings; and

 

Whereas, the City is authorized to enter into this transaction as an economic development activity under the laws of the State of South Dakota;

 

Now, Therefore, It Is Hereby Resolved by the City Council of the City of Brookings, South Dakota, as follows:

  1. That the City convey title to the above-described property to the Brookings Economic Development Corporation, Inc. for the transfer of the above-described property to CD Properties, LLC, for the purposes set forth herein; and

B.  That the Mayor, City Clerk, City Manager and City Attorney are authorized to execute the required documents in accordance with this Resolution.

 

Passed and approved on the 26th day of July, 2022.

 

                                                                                    CITY OF BROOKINGS:

 

                                                                                                                                                

ATTEST:                                                                    Oepke G. Niemeyer, Mayor                       

 

                                                            

Bonnie Foster, City Clerk   

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