CITY of RAPID CITY Agenda Item Summary
Meeting Date: 2/25/2016			Planning Commission: 2/25/2016
Staff Contact: Patsy Horton, Division Manager, Division of Long Range Planning			L&F Committee: 3/16/2016
Petitioner: Black Hills Corporation			City Council (Set for Hearing): 3/7/2016
Location: Southwest corner of the intersection of S. US Highway 16 and Catron Boulevard			City Council: 3/21/2016
Agenda Title:
16TI001 - Resolution to create Rushmore Gateway Corridor Tax Increment District and Project Plan
Summary:
The purpose of the proposed Tax Increment District is to stimulate job creation and assist in the development of critical public infrastructure to serve the general public and commercial development along the south Mount Rushmore Road / US 16 Highway Corridor. The Tax Increment Funds will be utilized to extend public infrastructure including water, sewer and storm water, road construction, traffic signal and construction of sidewalk/bike paths and secure an additional 150 workspaces at the new Black Hills Energy corporate offices.
Funding Source & Fiscal Impact (if applicable):
Total Proposed TID Project Costs Capital Costs: Public Utilities (storm/sewer/water)                                                             $601,078 Traffic Signal (Les Hollers Way/Catron Boulevard)                                    $393,570 Roadway Grading/Base/Curb/Asphalt/Lighting/Landscape                     $2,133,636 Water Main Oversizing                                                                                  $26,769 Sidewalks/Bike Path                                                                                      $66,566 Professional Costs: Project Management and Administrative Fees                 $254,508 Financing Costs/Interest: (5.5%)                                                                    $3,351,194 Contingency Costs                                                                                                       $0 Necessary and Convenient Costs                                                                                $0 TOTAL                                                                                                          $ 6,827,321 Imputed Administrative Costs City of Rapid City                                                                                          $20,000
Recommendation:
Approve Resolution to Create TID #76 and Resolution to approve TID #76 Project Plan. Notes: On January 14, 2016, the Tax Increment Review Committee recommended creating the proposed tax increment district.
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 resolutions to create district and approve project plan
Creating Districts - Attachments & Links:
Staff Report	Resolution #2016-008 Creating TID #76 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			TIF Projects Costs
BHC Central Assessment Letter	Preliminary Review			Tax Increment Finance Review Committee Minutes (1/14/2016)
Letter from Mayor
Project Plan - Attachments and Links:
Resolution #2016-009 Creating TID #76 Project Plan		TID #76 Project Plan		Public Improvements Map
Revenue Projections		BHC Amortization Schedule
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