CITY of RAPID CITY Agenda Item Summary |
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Meeting Date: 2/25/2016 |
Planning Commission: 2/25/2016 |
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Staff Contact: Patsy Horton, Division Manager, Division of Long Range Planning |
L&F Committee: 3/16/2016 |
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Petitioner: KS West, LLC and SK East, LLC |
City Council (Set for Hearing): 3/7/2016 |
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Location: Southeast corner of the intersection of S. US Highway 16 and Catron Boulevard |
City Council: 3/21/2016 |
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Agenda Title: |
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16TI002 - Resolution to create Rushmore Corridor Redevelopment Tax Increment District and Project Plan |
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Summary: |
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The purpose of the proposed Tax Increment District is to redevelop the Rushmore Waterslide property through 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 a 12” water main, Healing Way road construction, turn lane between Healing Way and the western most Wellington Drive entrance, and a traffic signal. |
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Funding Source & Fiscal Impact (if applicable): |
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Total Proposed TID Project Costs Capital Costs: Healing Way Street Improvements $1,980,000 Turn Lane at Wellington Drive $180,000 Traffic Signal (Healing Way/Catron Boulevard) $670,000 Professional Fees: Roadway Components $216,000 Traffic Signal Components $54,000 Financing Costs/Interest: (7.0%) $1,938,525 Contingency Costs $0 Necessary and Convenient Costs $0 TOTAL $5,038,525
Imputed Administrative Costs City of Rapid City $20,000 |
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Recommendation: |
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Approve Resolution to Create TID #77 and Resolution to approve TID #77 Project Plan. Notes: On January 14, 2016, the Tax Increment Review Committee recommended creating the proposed tax increment district. |
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Options: |
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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 |
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Creating Districts - Attachments & Links: |
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Project Plan - Attachments and Links: |
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Other Resources – Attachment and Links: |
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