CITY of RAPID CITY Agenda Item Summary
Meeting Date: 6/3/2013		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 approval of the tax increment district project plan to fund the extension of Minnesota Street, underground utilities, a regional drainage facility and an irrigation pipe. The Tax Increment Financing Committee recommended approval on February 26, 2013, with a 4-2 vote. The Planning Commission provided a unanimous recommendation for approval on May 9, 2013.
Funding Source & Fiscal Impact (if applicable):
Tax increment funds generated by the increase in tax valuation
Recommendation:
Action: Continue hearing to the June 17, 2013 City Council meeting Planning Commission recommended approval: 5/9/2013; Legal Finance Committee continued to the 6/12/2013 Legal Finance meeting: 5/29/2013. On May 29, 2013, the Legal Finance Committee continued this item to the 6/12/2013 Legal Finance meeting
Options:
1.   Continue to the June 12, 2013 Legal and Finance Committee to allow the applicant to provide a detailed description of the typical subdivision costs for the proposed district versus the non-typical subdivision costs to allow the Council an opportunity to review normal costs associated with development as was requested at the February 26, 2013 Tax Increment Financing Committee meeting. 2.   Approve with changes; or 3.   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
Planning Commission Minutes (5/9/13)
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