Deadlines set for Rapid City's President's Plaza development - KOTA Territory News

Deadlines set for Rapid City's President's Plaza development

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Alexa Block & The Associated Press

Rapid City Council members have set deadlines for a proposed $50 million downtown development but say they still support the project that was first proposed seven years ago.

The President's Plaza project is to include a mix of retail shops, a hotel, a convention center, condominiums and a 500-stall parking garage. Hani Shafai with developer Dream Design International says more time is needed to secure financing.

Contractual issue arose in recent weeks because council members and Mayor Sam Kooiker were concerned about the timeline of the project.

Monday night, the council voted to extend the contract by two years, with construction starting within the first six months of 2016.  Council member Chad Lewis said it is important that the city follow through with the project.

"I think it's a bad message to send to other businesses that want to do business here. We had a deal, we made the deal. Whether or not we like the deal at this point, this is Rapid City South Dakota where a man's word is supposed to be his bond. A hand shake is supposed be a good deal." said Lewis.

If the $50 million design isn't achievable, the developers are required to either move forward with a scaled-down design or abandon the project by Jan. 31, 2015. If the deadlines aren't met, the project could lose city aid.

 

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