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CITY of RAPID CITY Agenda Item Summary |
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Meeting Date: 12/15/2014 |
Planning Commission: 12/4/2014 |
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Staff Contact: Sarah Hanzel |
PW Committee or L&F Committee: 12/10/14 |
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Petitioner: City of Rapid City |
City Council: 12/15/2014 |
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Location: North of US Interstate 90 and west of North Elk Vale Drive and east of Dyess Avenue |
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Agenda Title: |
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04TI001 - Resolution for the Dissolution of Tax Increment District #44 |
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Summary: |
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The District was created in April of 2004 and the Fourth Revised Project Plan was approved on March 19, 2007. The Finance Director has indicated that the final payment associated with the approved Revised Project Plan has been made. In 2004, the base assessed valuation of the District was $3,786,000. Based on the South Dakota Department of Revenue’s 2013 TIF Certification, the assessed value for Tax Increment District #44 is $56,935,103, for an increase of $53,149,106 over the tax base valuation. This District will now generate $1.225 million (2014 mill levy) over and above the base value revenues. |
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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: Approval Notes: Planning Commission recommended approval: 12/4/2014; Legal Finance Committee recommended approval: 12/10/2014 |
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Options: |
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N/A |
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Attachments & Links: |
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