Pennington County approves sale of downtown bank building to Elevate Rapid City
May 20, 2026 | Pennington County, South Dakota
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Pennington County commissioners on May 19 approved a resolution authorizing sale of the county-owned former bank building at 14 St. Joseph Street to Elevate Rapid City, clearing the way for a planned closing on Dec. 31 and an initial earnest-money deposit of $25,000.
Tyler from the State's Attorney's Office summarized the purchase-and-sale agreement and the nearby exhibits that will be executed closer to closing. Elevate representative Darren Har attended the meeting and answered commissioner questions about the purchaser's plans for an innovation district project in downtown Rapid City.
Commissioner Deb Hadcock and others pressed the board to explain the county's earlier decision to acquire the property. Hadcock noted the county had paid roughly $5 million in total to buy the bank and two adjacent parking lots years earlier, saying, “We bought a bank for $5 million. We needed 20,000 square feet and that bank has 40,000 square feet. We did not need the bank.”
Commissioner Gary Drews and other supporters said the sale and Elevate's plans would generate payroll taxes and downtown jobs. Drews told the board he understood earlier votes to acquire the building but emphasized that the new sale would return funds to county coffers and support the innovation district. He said the purchasers expected to have tenants and payroll created before final closing.
The board voted by roll call to adopt the resolution authorizing the sale and to give the chair authority to sign the purchase-and-sale agreement; the vote was unanimous.
What happens next
Under the agreement discussed at the meeting Elevate will pay $25,000 in earnest money within 10 days of execution, with the remainder to be paid at closing scheduled for Dec. 31. County staff said some exhibits will be finalized nearer the closing date. County officials also said proceeds will be used in part to address needs in the former administration building, now referred to as the Justice Center.
The board's approval at its May 19 meeting finalizes the resolution but does not substitute for the buyer's closing or for any subsequent implementation steps, county officials said.
Tyler from the State's Attorney's Office summarized the purchase-and-sale agreement and the nearby exhibits that will be executed closer to closing. Elevate representative Darren Har attended the meeting and answered commissioner questions about the purchaser's plans for an innovation district project in downtown Rapid City.
Commissioner Deb Hadcock and others pressed the board to explain the county's earlier decision to acquire the property. Hadcock noted the county had paid roughly $5 million in total to buy the bank and two adjacent parking lots years earlier, saying, “We bought a bank for $5 million. We needed 20,000 square feet and that bank has 40,000 square feet. We did not need the bank.”
Commissioner Gary Drews and other supporters said the sale and Elevate's plans would generate payroll taxes and downtown jobs. Drews told the board he understood earlier votes to acquire the building but emphasized that the new sale would return funds to county coffers and support the innovation district. He said the purchasers expected to have tenants and payroll created before final closing.
The board voted by roll call to adopt the resolution authorizing the sale and to give the chair authority to sign the purchase-and-sale agreement; the vote was unanimous.
What happens next
Under the agreement discussed at the meeting Elevate will pay $25,000 in earnest money within 10 days of execution, with the remainder to be paid at closing scheduled for Dec. 31. County staff said some exhibits will be finalized nearer the closing date. County officials also said proceeds will be used in part to address needs in the former administration building, now referred to as the Justice Center.
The board's approval at its May 19 meeting finalizes the resolution but does not substitute for the buyer's closing or for any subsequent implementation steps, county officials said.
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