CITY of RAPID CITY Agenda Item Summary
Meeting Date: 11/26/2014	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
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