The Sioux Falls City Council finalized a purchase agreement for land that could turn into the Riverline District.
The purchase agreement was recommended by the Riverline Steering Committee – a group that is helping guide the plans for the Riverline District in the city.
The $8 million purchase agreement is for a 7.2-acre parcel of land at the edge of downtown Sioux Falls. The city council approved the purchase 8-0.
Mike Grey is with the Sioux Falls Development Foundation. He said there are a few strings attached to the agreement.
“Essentially, the contract requires an anchor facility but does not define what that facility has to be. However, the vision that’s been lifted up: repurposing the current convention center to a family recreation and playground center," Grey said. "And a new downtown convention center with an attached full-service would meet the definition of the project. That’s important because the contract contains clauses regarding ‘non-project parcels.'"
He also said if the city does not use the project as defined, then non-project parcels will kick in. However – if the council establishes a clear intent to use the entirety of the site, then none of the non-project parcels occur.
Mayor Paul TenHaken has been outspoken in his support of the creation of a new convention center on the potential Riverline District.
Rich Merkouris is a city councilor and on the Riverline Steering Committee. He said more information and a public vote are in the works.
“We also started a conversation about a formal timeline of what date should we desire to set a public vote for the vision of a convention center," Merkouris said. "[We are] working backwards of what deliverables have to happen, so, for example, in January the steering committee is going to formalize that timeline so we can continue to articulate to the public ‘hey we’re working towards a public vote on x date. Before that date we’re working on these four things: design, price financing, neighborhood plan, those types of things."
If the city cannot break ground on the project within five years, the original seller - State Partners, LLC – has the option to purchase the land back at the same price.
