CITY of RAPID CITY

Agenda Item Summary

 

Meeting Date: 5/29/2013

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

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: 6/3/2013

Agenda Title:

13TI003 - Tax Increment #74 Project Plan

Summary:

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

Options:

1.   Continue to the June 12, 2013 Legal and Finance Committee to allow the applicant to provide a detailed description of the typical subdivision costs for the proposed district versus the non-typical subdivision costs to allow the Council an opportunity to review normal costs associated with development as was requested at the February 26, 2013 Tax Increment Financing Committee meeting.

2.   Approve with changes; or

3.   Deny

Attachments & Links:

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