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

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:

13TI003 - Tax Increment #74 Project Plan

Summary:

The Developer is requesting the creation of a tax increment district and the associated project plan 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: Choose an item. Approve

Click here to enter text.

Options:

Continue to date specific for additional information; approve with changes; deny

Attachments & Links:

Staff Report

Project Plan

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