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CITY of RAPID CITY Agenda Item Summary |
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Meeting Date: 2/3/2014 |
City Council: 2/3/2014 |
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Staff Contact: Patsy Horton, Long Range Planning Manager |
Planning Commission: 1/9/2014 |
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Petitioner: City of Rapid City |
LF Committee: 1/29/2014 |
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Location: Northwest of the Intersection of Catron Boulevard and Fifth Street |
City Council Set for Hearing: N/A |
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City Council Public Hearing: 2/3/2014 |
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Agenda Title: |
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08TI006 – Resolution to Dissolve Tax Increment District No. 41 |
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Summary: |
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The District was created in July 2003. The Fourth Revised Project Plan was approved on July 21, 2008. The Finance Director has indicated that the final payment associated with the approved Fourth Revised Project Plan has been made.
In 2003, the base assessed valuation of the District was $1,508,000. In 2006, a Revised Project Plan was approved, changing the base valuation to $21,005,026. Based on the South Dakota Department of Revenue’s 2013 TIF Certification, the assessed valued for Tax Increment District #41 is $107,451,519, for an increase of 411.55% or $86,446,493 over the second tax base valuation established. |
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Funding Source & Fiscal Impact (if applicable): |
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N/A |
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Recommendation: |
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Action: Approve Notes: Planning Commission recommended approval: 1/9/2014; Legal and Finance recommended approval: 1/29/2014 |
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Options: |
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Attachments & Links: |
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