CITY of RAPID CITY Agenda Item Summary
Meeting Date: 5/9/2013		Tax Increment Finance Committee: 2/26/2013
Staff Contact: Patsy Horton, Long Range Planning Manager		Planning Commission : 3/21/2013; 4/25/2013; 5/9/2013
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:
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. The Tax Increment Financing Committee recommended approval on February 26, 2013.
Funding Source & Fiscal Impact (if applicable):
Tax increment funds generated by the increase in tax valuation.
Recommendation:
Action: Approve Notes: Click here to enter text.
Options:
Continue to date specific for additional information; approve with changes; deny
Attachments & Links:
Staff Report	Resolution Creating District		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
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