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: 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:
14TI002 – Tax Increment District No. 75 Project Plan
Summary:
On October 23, 2014, the Planning Commission approved creating E. St. Joseph Street Housing 2 Tax Increment District No. 75 and directed staff to prepare the associated Project Plan. The proposed development project will create additional housing for the area. The project costs include property acquisition, demolition of blighted property, public infrastructure improvements and associated engineering and necessary and convenient costs.
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                                                   $1,031,847 (9%)             Total                                                                      $2,093,847
Recommendation:
Action: Approve the resolution approving the project plan with one stipulation Notes: On September 23, 2014, the Tax Increment Committee denied creating the tax increment district. Upon appeal, the Planning Commission on October 23, 2014, approved creating the tax increment district; Planning Commission approved: 11/6/2014; Legal Finance Committee approved:  11/26/2014
Options:
Attachments & Links:

Staff Report		Project Plan	Resolution approving Project Plan			TIF Committee Minutes 9/23/14
Improvements Map		TIF Boundary Map	Vicinity Map			Aerial Map
Existing Land Use Map		Planning Commission Minutes 10/23/14	Staff Photos			Police and Fire Department Call Summary
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
Other Resources
	2013 Rapid City Taxable Valuation		TIF Guidelines	Finance Recommendation