The long history of President's Plaza may be coming to an end after Rapid City's Legal and Finance Committee voted 3-2 to end the agreement. The Rapid City Journal reported on the story, noting that the decision would now move to the full city council on Monday.
The idea of creating a mixed-use facility on a city-owned lot on the corner of St. Joseph and 5th Street dates back to 2006. After one developer backed out of the project, the city signed an agreement with what would become President's Plaza LLC. in 2009. The agreement was amended four times, most recently in 2013. This last addendum set December 31, 2015, as the deadline for the developers to secure financing, with construction to start within six months of that. As that deadline has passed, Rapid City officials now want to end the agreement, possibly to allow another developer a chance at the project.
The Black Hills Knowledge Network's online news archives links to stories and documents on President's Plaza for the extent of the project.
