2011 South Dakota Code
Title 6 LOCAL GOVERNMENT GENERALLY
Chapter 18. Certified Technology Parks
§6-18-3 Agreement governing certified technology park.
6-18-3. Agreement governing certified technology park. The governing body of the political subdivision that established the certified technology park may enter an agreement with the Governor's Office of Economic Development establishing the terms and conditions governing a certified technology park designated pursuant to this chapter. Upon designation of the certified technology park under the terms of the agreement, the subsequent failure of any party to comply with the terms of the agreement may result in the termination or rescission of the designation of the area as a certified technology park. The agreement shall include all of the following:
(1) A description of the area to be included within the certified technology park;
(2) Any covenants and restrictions upon all or part of the properties contained within the certified technology park and terms of enforcement of any covenants or restrictions;
(3) The financial commitments of any party to the agreement and of any owner or developer of property within the certified technology park;
(4) The terms of any commitment required from a postsecondary educational institution or private research based institute for support of the operations and activities within the certified technology park;
(5) The terms of enforcement of the agreement, which may include the definition of events of default, cure periods, legal and equitable remedies and rights, and penalties and damages, actual or liquidated, upon the occurrence of an event of default; and
(6) The public or private facilities to be developed for the certified technology park and the costs of those public or private facilities, as approved by the Governor's Office of Economic Development.
The governing body of the political subdivision and the Governor's Office of Economic Development shall maintain the confidentiality of any information that is submitted as part of this review process and marked as confidential.
Source: SL 2010, ch 33, § 3; SL 2011, ch 1 (Ex. Ord. 11-1), § 95, eff. Apr. 12, 2011.
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