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CITY of RAPID CITY Agenda Item Summary |
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Meeting Date: 7/1/2013 |
Tax Increment Finance Committee: 2/26/2013 |
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Staff Contact: Patsy Horton, Long Range Planning Manager |
Planning Commission : 3/21/2013; 4/25/2013; 5/9/2013 |
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Petitioner: Dream Design International, Inc. for Dennis Zandstra Real Estate Holdings, LLC |
L&F Committee: 5/29/2013; 6/12/2013 |
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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 |
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City Council Public Hearing: 6/17/2013 |
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Agenda Title: |
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13TI002 - Resolution Creating Tax Increment District #74 |
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Summary: |
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The applicant met with staff regarding the additional information requested by the Tax Increment Committee in reference to typical subdivision costs for the proposed district. The applicant indicated that all costs identified in the Project Plan are regional in nature and therefore do not directly benefit the developer. Additionally, the new 216 unit apartment complex includes affordable housing units based on HUD funding requirements. As such, this apartment complex addresses the affordable housing requirement as identified in the Tax Increment Guidelines. 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. 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. |
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Funding Source & Fiscal Impact (if applicable): |
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Tax increment funds generated by the increase in tax valuation. |
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Recommendation: |
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Action: Approve. Notes: On February 26, 2013, the Tax Increment Financing Committee recommended approval with a 4-2 vote. On May 9, 2013, Planning Commission recommended approval with a unanimous vote. On May 29, 2013, the Legal Finance Committee continued this item to the 6/12/2013 Legal Finance meeting; Legal and Finance forwarded to Council without recommendation; City Council continued to the July 1, 2013 City Council Meeting; |
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Options: |
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1. Approve; 2. Approve with changes; 3. Continue to date specific for more information; or 4. Deny |
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Attachments & Links: |
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| Finance Office Memo | Public Comment | |||
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Developer Cost Comparisons |
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THE FOLLOWING ATTACHMENTS RELATE TO TAX INCREMENT DISTRICT #65 |
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Letter
from Mayor Hanks |
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