President's Plaza was supposed to revitalize Rapid City's downtown with the addition of a multimillion dollar building with parking, residental, and commerical space. However, after several years and multiple extensions, the city council voted to end its agreement with President's Plaza, LLC. In response, the developers filed suit against the city to recover some of the money spent on the project. The Rapid City Journal reports the city is prepared to settle with the developers. The developers allege that it was due to former mayor Sam Kooiker's inquiries into the project and his interference that President's Plaza was unable to acquire New Markets Tax Credits needed for funding. City Attorney Joel Landeen argued that if the case went to court, the developers would not have to show that it was because of Kooiker they could not acquire the NMTCs, just that he acted in bad faith.
The Legal & Finance Committee will vote on the settlement this week, with it moving on to the full council next Monday. President's Plaza has received extensive coverage over the years, linked in the Black Hills Knowledge Network's online news archive.