CITY of RAPID CITY

Agenda Item Summary

 

Meeting Date: 7/1/2013

Tax Increment Finance Committee: 2/26/2013

Staff Contact: Patsy Horton, Long Range Planning Manager

Planning Commission: 3/21/2013; 4/25/2013

Petitioner: Dream Design International, Inc. for Dennis Zandstra Real Estate Holdings, LLC

L&F Committee: 5/29/2013; 6/12/2013

Location: South and west of Elks Country Estate north and south of Elk Vale Road and east of S.D. Highway 79

City Council Set for Hearing: 5/20/2013

City Council Public Hearing: 6/17/2013; 7/1/2013

Agenda Title:

13TI003 - Tax Increment #74 Project Plan

Summary:

The applicant met with staff regarding the additional information requested by the Tax Increment Committee in reference to typical subdivision costs for the proposed district. The applicant indicated that all costs identified in the Project Plan are regional in nature and therefore do not directly benefit the developer. Additionally, the new 216 unit apartment complex includes affordable housing units based on HUD funding requirements. As such, this apartment complex addresses the affordable housing requirement as identified in the Tax Increment Guidelines. The Developer is requesting approval of the tax increment district project plan to fund the extension of Minnesota Street, underground utilities, a regional drainage facility and an irrigation pipe. The Tax Increment Financing Committee recommended approval on February 26, 2013, with a 4-2 vote. The Planning Commission provided a unanimous recommendation for approval on May 9, 2013.

Funding Source & Fiscal Impact (if applicable):

Tax increment funds generated by the increase in tax valuation

Recommendation:

Action: Approve

Planning Commission recommended approval: 5/9/2013; Legal Finance Committee continued to the 6/12/2013 Legal Finance meeting: 5/29/2013. On May 29, 2013, the Legal Finance Committee continued this item to the 6/12/2013 Legal Finance meeting; Legal and Finance forwarded to City Council without recommendation; Council continued to the 7/1/2013 City Council Meeting

Options:

1.  Approve;

2.  Approve with changes;

3.  Continue to date specific for more information; or

4.  Deny

Attachments & Links:

Finance Office Memo Public Comment  

Developer Cost Comparisons

Letter Requesting Cost Comparisons

 

Staff Report

Project Plan

Tax Increment Financing Committee Minutes (2/26/2013)

Vicinity Map

TIF Boundary Map

Aerial Map

Public Improvements

Preliminary Review

Application

Proposed TIF Costs

Bank Financing Letter

Total Project Costs &

Project Pro forma

Tax Valuation Spreadsheet

Tax Increment Financing Guide

 

 

Articles of Incorporation

Planning Commission Minutes (5/9/13)

 

THE FOLLOWING ATTACHMENTS RELATE TO TAX INCREMENT DISTRICT #65

Letter from Mayor Hanks
allowing TID #65 to become effective without his signature

Council Minutes
Approving TID #65

TID #65
Project Plan

Resolution Creating

TID #65

Resolution and Minutes Approving TID #65 Project Plan