CITY of RAPID CITY Agenda Item Summary
Meeting Date: 3/30/2016				Planning Commission: 2/25/2016
Staff Contact: Patsy Horton, Division Manager, Division of Long Range Planning				L&F Committee: 3/30/2016
Petitioner: Black Hills Corporation				City Council (Set for Hearing): 3/21/2016
Location: Southwest corner of the intersection of S. US Highway 16 and Catron Boulevard				City Council: 4/4/2016
Agenda Title:
16TI001 - Resolution to approve Rushmore Gateway Corridor Tax Increment District Project Plan
Summary:
The purpose of the proposed Tax Increment District is to stimulate job creation and assist in the completion of interior office space within the development along the south Mount Rushmore Road / US 16 Highway Corridor. The Tax Increment grant funds will be utilized to finish an additional 150 workspaces within the new corporate office facility.
Funding Source & Fiscal Impact (if applicable):
DETAIL OF PROJECT COSTS
Kind of Project		Number of Projects	Location			Amount	Reference
Capital Costs						0	11-9-15(1)
Financing Costs						0	11-9-15(2)
Real Property Assembly						0	11-9-15(3)
Professional Fees						0	11-9-15(4)
Imputed Administrative Costs		1				$20,000	11-9-15(5)
Relocation Costs						0	11-9-15(6)
Organizational Costs						0	11-9-15(7)
Discretionary Costs and Grants		1	District			$6,047,965	11-9-15(8)
Eligible Project Costs						$6,067,965
Recommendation:
Approve the Resolution to approve the Rushmore Gateway Corridor Headquarters Tax Increment District Project Plan. Notes: On January 14, 2016, the Tax Increment Review Committee recommended creating the proposed tax increment district; Planning Commission recommended approval of the Project Plan: 3/10/2016; City Council Set for Hearing for 4/4/2016: 3/21/2016
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 resolution to approve project plan
Project Plan - Attachments and Links:
Project Plan Staff Report	Resolution #2016-009 Approving TID Project Plan				16TI001 Project Plan
City Attorney’s Office Memo	Revenue Projections				BHC Amortization Schedule
TIF Grant Costs	Economic Impact
Creating Districts - Attachments & Links:
Staff Report	Resolution #2016-008 Creating TID District				Legal Description
Application	Aerial Photograph				Vicinity/TIF Boundary Map
Zoning Map	Existing Land Use Map				Major Street Plan
Comprehensive Plan Map	BHC Public Improvements Map				BHC Central Assessment Letter
Preliminary Review	Tax Increment Finance Review Committee Minutes (1/14/2016)				Letter from Mayor
Other Resources – Attachment and Links:
TID 70 Boundary Map (11TI003)	TID 70 Amortization Schedule (16TI003)				Buffalo Crossing Amortization Schedule (16TI002)
TIF Guidelines	SDCL 11-9 – Tax Increment Financing				2015 Tax Valuation Spreadsheet