CITY of RAPID CITY

Agenda Item Summary

 

Meeting Date: 3/21/2013

Tax Increment Finance Committee: 2/26/2013

Staff Contact: Patsy Horton, Long Range Planning Manager

Planning Commission : 3/21/2013

Petitioner: Dream Design International, Inc. for Dennis Zandstra Real Estate Holdings, LLC

L&F Committee: 4/10/2013

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: 4/1/2013

City Council Public Hearing: 4/15/2013

Agenda Title:

13TI002 - Resolution Creating Tax Increment District #74

Summary:

The Developer is requesting the creation of a tax increment district to fund the extension of Minnesota Street, underground utilities, a regional drainage facility and an irrigation pipe. Staff has requested additional information from the applicant regarding the overlapped Tax Increment District #65 expended project costs.

Funding Source & Fiscal Impact (if applicable):

Tax increment funds generated by the increase in tax valuation

Recommendation:

Action: Choose an item. Continue to April 4, 2013 Planning Commission meeting

Options:

N/A

Attachments & Links:

Staff Report

 

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