CITY of RAPID CITY

Agenda Item Summary

 

Meeting Date: 2/3/2014

City Council: 2/3/2014

Staff Contact: Patsy Horton, Long Range Planning Manager

Planning Commission: 1/9/2014

Petitioner: City of Rapid City

LF Committee: 1/29/2014

Location:   Northwest of the Intersection of Catron Boulevard and Fifth Street

City Council Set for Hearing: N/A

City Council Public Hearing: 2/3/2014

Agenda Title:

 08TI006 – Resolution to Dissolve Tax Increment District No. 41      

Summary:

The District was created in July 2003. The Fourth Revised Project Plan was approved on July 21, 2008. The Finance Director has indicated that the final payment associated with the approved Fourth Revised Project Plan has been made.

 

In 2003, the base assessed valuation of the District was $1,508,000. In 2006, a Revised Project Plan was approved, changing the base valuation to $21,005,026. Based on the South Dakota Department of Revenue’s 2013 TIF Certification, the assessed valued for Tax Increment District #41 is $107,451,519, for an increase of 411.55% or $86,446,493 over the second tax base valuation established.

Funding Source & Fiscal Impact (if applicable):

N/A

Recommendation:

Action: Approve

Notes: Planning Commission recommended approval: 1/9/2014; Legal and Finance recommended approval: 1/29/2014

Options:

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Attachments & Links:

Staff Report

Resolution to Dissolve

Public Improvements Map

Fourth Revised Project Plan