CITY of RAPID CITY Agenda Item Summary
Meeting Date: 7/1/2013		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; 6/12/2013
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: 6/17/2013; 7/1/2013
Agenda Title:
13TI003 - Tax Increment #74 Project Plan
Summary:
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 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: Approve 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; Legal and Finance forwarded to City Council without recommendation; Council continued to the 7/1/2013 City Council Meeting
Options:
1.  Approve; 2.  Approve with changes; 3.  Continue to date specific for more information; or 4.  Deny
Attachments & Links:
Finance Office Memo	Public Comment
Developer Cost Comparisons	Letter Requesting Cost Comparisons
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