CITY of RAPID CITY

Agenda Item Summary

 

Meeting Date: 3/21/2016

Planning Commission: 2/25/2016

Staff Contact: Patsy Horton, Division Manager, Division of Long Range Planning

L&F Committee: 3/16/2016

Petitioner:  KS West, LLC and SK East, LLC

City Council (Set for Hearing): 3/7/2016

Location: Southeast corner of the intersection of S. US Highway 16 and Catron Boulevard

City Council: 3/21/2016

Agenda Title:

16TI002 - Resolution to create Buffalo Crossing Tax Increment District and Resolution to approve Tax Increment District Project Plan

Summary:

The purpose of the proposed Tax Increment District is to redevelop the Rushmore Waterslide property through the development of critical public infrastructure to serve the general public and commercial development along the south Mount Rushmore Road / US 16 Highway Corridor. The Tax Increment Funds will be utilized to extend public infrastructure including a 12” water main, Healing Way road construction, turn lane between Healing Way and the western most Wellington Drive entrance, and a traffic signal.

Funding Source & Fiscal Impact (if applicable):

Total Proposed TID Project Costs

Capital Costs:

Healing Way Street Improvements                                                          $1,980,000

Turn Lane at Wellington Drive                                                                     $180,000

Traffic Signal (Healing Way/Catron Boulevard)                                          $670,000

Professional Fees:                                                                                                           

Roadway Components                                                                                $216,000

Traffic Signal Components                                                                            $54,000

Financing Costs/Interest: (7.0%)                                                                    $1,938,525

Contingency Costs                                                                                                       $0

Necessary and Convenient Costs                                                                                $0

TOTAL                                                                                                           $5,038,525

 

Imputed Administrative Costs

City of Rapid City                                                                                          $20,000

Recommendation:

Approve Resolution to Create TID and Resolution to approve TID Project Plan.

Notes: On January 14, 2016, the Tax Increment Review Committee recommended creating the proposed tax increment district. Planning Commission approved: 2/25/2016; City Council Set for Hearing: 3/7/2016; Legal and Finance Committee approved: 3/16/2016

Options:

1.    Approve as presented

2.    Approve with amendments

3.    Continue for additional information/clarification

4.    Forward to Council without recommendation

5.    Recommend denial of resolutions to create district and approve project plan

Creating Districts - Attachments & Links:

Staff Report

Resolution #2016-010 Creating District

Legal Description

Application

Aerial Photograph

Vicinity/TIF Boundary Map

Zoning Map

Existing Land Use Map

Major Street Plan

Comprehensive Plan Map

Buffalo Crossing Public Improvements Map

Buffalo Crossing Master Plan

TIF Projects Costs

Preliminary Review

Tax Increment Finance Review Committee Minutes (1/14/2016)

Letter from Mayor

 

 

Project Plan - Attachments and Links:

Resolution #2016-011 approving Project Plan

Project Plan

Public Improvements Map

Revenue Projections

Buffalo Crossing Amortization Schedule

 

Other Resources – Attachment and Links:

TID 70 Boundary Map (11TI003)

TID 70 Amortization Schedule (16TI003)

Black Hills Energy Amortization Schedule (16TI001)

TIF Guidelines

SDCL 11-9 – Tax Increment Financing

2015 Tax Valuation Spreadsheet