CITY of RAPID CITY

Agenda Item Summary

 

Meeting Date: March 12, 2014

Commission, Board or Committee: NA

Staff Contact: Pauline Sumption

L&F Committee: 3/12/2014

Petitioner: Opportunity Capture Fund Committee

City Council Hearing: 3/17/2014

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City Council 2nd Reading: Click here to enter date.

Agenda Title:

Approve Request to Dissolve the IDPF Program (Infrastructure Development Partnership Fund) and to Reallocate the Funds to the OCF (Opportunity Capture Fund)

Summary:

The Opportunity Capture Fund Committee would like to reallocate these funds between the two lines. Both lines were available for Economic Development purposes, however, over the last three years, the IDPF tool has not been utilized by businesses wanting to relocate to or expand in Rapid City. On the other hand, OCF has been very successful in using its funds to incentivize businesses by providing capital investment and encouraging job creation.

Funding Source & Fiscal Impact (if applicable):

Vision Fund already budgeted so no additional impact

Recommendation:

Action: Approve

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Options:

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Attachments & Links:

Ben Snow Request

OCF Funds

IDPF Funds

OCF Minutes

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