CITY of RAPID CITY

Agenda Item Summary

 

Meeting Date: 12/1/2014

City Council: 12/1/2014

Staff Contact: Patsy Horton, Long Range Planning Manager

Planning Commission: 10/23/2014; 11/6/2014

Petitioner: Technology Housing 2, LLC

LF Committee: 11/26/2014

Location:  100 Block of E St Joseph Street

City Council Set for Hearing: 11/17/2014

City Council Public Hearing: 12/1/2014

Agenda Title:

14TIF001 - Appeal of Tax Increment Review Committee's denial of creating a Tax Increment District

Summary:

On September 23, 2014, the Tax Increment Review Committee voted to deny creating a tax increment district to assist with land acquisition and environmental cleanup for a project to develop additional housing located near the South Dakota School of Mines and Technology. As specified in the Rapid City TIF Guidelines, the applicant has appealed the Tax Increment Review Committee’s decision and is requesting that the Planning Commission recommend creating a tax increment district for the proposed housing project. If Planning Commission votes to create the district, the Planning Commission also directs staff to develop the project plan associated with the proposed district for its consideration at the next available Planning Commission meeting, scheduled for November 6, 2014, with Planning Commission’s action anticipated for consideration at a public hearing before Council on 12/1/2014 meeting.

Funding Source & Fiscal Impact (if applicable):

Total Proposed TID Project Costs

      Property Acquisition                                                       $800,000

      Environmental Cleanup & Demolition                           $100,000

      Alley Reconstruction                                                      $100,000

      Engineering                                                                      $30,000

      Contingency                                                                     $30,000

      Necessary and Convenient Costs                                     $2,000

      Financing Expenses                                                   $1,151,157 (7.5%)

            Total                                                                      $2,213,157

Recommendation:

Action: Approve creating tax increment district and direct staff to prepare project plan

Notes: Planning Commission recommended approval: 11/23/2014; Legal Finance Committee approved: 11/26/2014

Options:

Deny creating tax increment district

Attachments & Links:

 

Appeal of Tax Increment Review Committee recommendation

Revised Preliminary Review

Staff Photos

Police and Fire Department Call Summary

Revised Amortization Schedule with 9% Interest Rate

Revised Amortization Schedule with 7.5% Interest

Revised Pro Forma at 7.5% Interest Rate

TIF Committee   Minutes 9/23/14

Resolution Creating District

Staff Report

 

 

Applicant Generated Material

Application

TIF Checklist

TIF Boundary Map

Exhibit 1

Probable Costs

Exhibit 2

Land Ownership

Exhibit 3

Project Pro Forma

Exhibit 4

Public and Private Costs

Exhibit 5 - Cash Flow and Revenue Projections

Corporation Information

Site Plan

Building Elevation

Building Floor Plans

Property Photos

Building Official’s Property Correspondence

SDSMT Housing Master Plan 2013 - Overview

SDSMT Housing Master Plan 2013 Framework

SDSMT Housing Master Plan 2013 Options 1

SDSMT Housing Master Plan 2013 Options 2

SDSMT Housing Master Plan 2013 Options 3-4

SDSMT Housing Master Plan 2013 Strategy

Staff Generated Material

Preliminary Review

Vicinity Map

Aerial Photo

Amortization Schedule with 9% Interest Rate

    Amortization Schedule         with 7.5% Interest

   Pro Forma at 7.5% Interest Rate and 11 Year TIF Payoff

Amortization Schedule with 6% Interest Rate

 

 

Other Resources

2013 Rapid City
Taxable Valuation

TIF Guidelines