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Meeting Date: 3/21/2016
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Planning
Commission: 2/25/2016
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Staff Contact: Patsy Horton, Division Manager,
Division of Long Range Planning
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L&F Committee: 3/16/2016
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Petitioner: KS West, LLC and SK East, LLC
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City Council (Set
for Hearing): 3/7/2016
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Location: Southeast corner of the
intersection of S. US Highway 16 and Catron Boulevard
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City Council: 3/21/2016
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Agenda Title:
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16TI002 - Resolution to create Buffalo
Crossing Tax Increment District and Resolution to
approve Tax Increment District Project Plan
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Summary:
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The purpose of the
proposed Tax Increment District is to redevelop the Rushmore Waterslide
property through the development of critical public infrastructure to serve
the general public and commercial development along the south Mount Rushmore
Road / US 16 Highway Corridor. The Tax Increment Funds will be utilized to
extend public infrastructure including a 12” water main, Healing Way road
construction, turn lane between Healing Way and the western most Wellington
Drive entrance, and a traffic signal.
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Funding Source
& Fiscal Impact (if applicable):
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Total Proposed TID Project Costs
Capital
Costs:
Healing Way Street Improvements $1,980,000
Turn Lane at Wellington Drive $180,000
Traffic Signal (Healing Way/Catron
Boulevard) $670,000
Professional
Fees:
Roadway Components $216,000
Traffic Signal Components $54,000
Financing
Costs/Interest: (7.0%) $1,938,525
Contingency
Costs $0
Necessary
and Convenient Costs $0
TOTAL $5,038,525
Imputed
Administrative Costs
City of Rapid City $20,000
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Recommendation:
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Approve Resolution to
Create TID and Resolution to approve TID Project Plan.
Notes: On January 14, 2016, the Tax
Increment Review Committee recommended creating the proposed tax increment
district. Planning Commission approved: 2/25/2016; City Council Set for
Hearing: 3/7/2016; Legal and Finance Committee approved: 3/16/2016
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Options:
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1. Approve as presented
2. Approve with amendments
3. Continue for additional
information/clarification
4. Forward to Council without
recommendation
5. Recommend denial of resolutions to
create district and approve project plan
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Creating Districts
- Attachments & Links:
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Staff
Report
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Resolution
#2016-010 Creating District
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Legal
Description
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Application
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Aerial
Photograph
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Vicinity/TIF
Boundary Map
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Zoning
Map
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Existing
Land Use Map
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Major
Street Plan
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Comprehensive
Plan Map
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Buffalo
Crossing Public Improvements Map
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Buffalo
Crossing Master Plan
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TIF
Projects Costs
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Preliminary
Review
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Tax
Increment Finance Review Committee Minutes (1/14/2016)
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Letter
from Mayor
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Project Plan -
Attachments and Links:
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Resolution
#2016-011 approving Project Plan
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Project
Plan
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Public
Improvements Map
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Revenue
Projections
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Buffalo
Crossing Amortization Schedule
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Other Resources –
Attachment and Links:
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TID
70 Boundary Map (11TI003)
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TID
70 Amortization Schedule (16TI003)
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Black
Hills Energy Amortization Schedule (16TI001)
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TIF
Guidelines
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SDCL
11-9 – Tax Increment Financing
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2015
Tax Valuation Spreadsheet
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