Staff Contact: Patsy Horton, Division Manager,
Division of Long Range Planning
L&F Committee: 3/30/2016
Petitioner: Black Hills Corporation
City Council (Set
for Hearing): 3/21/2016
Location: Southwest corner of the
intersection of S. US Highway 16 and Catron Boulevard
City Council: 4/4/2016
Agenda Title:
16TI001 - Resolution to approve Rushmore
Gateway Corridor Tax Increment District Project Plan
Summary:
The purpose of the
proposed Tax Increment District is to stimulate job creation and assist in
the completion of interior office space within the development along the
south Mount Rushmore Road / US 16 Highway Corridor. The Tax Increment grant funds
will be utilized to finish an additional 150 workspaces within the new
corporate office facility.
Funding Source
& Fiscal Impact (if applicable):
DETAIL
OF PROJECT COSTS
Kind of Project
Number of Projects
Location
Amount
Reference
Capital Costs
0
11-9-15(1)
Financing Costs
0
11-9-15(2)
Real Property
Assembly
0
11-9-15(3)
Professional Fees
0
11-9-15(4)
Imputed
Administrative Costs
1
$20,000
11-9-15(5)
Relocation Costs
0
11-9-15(6)
Organizational
Costs
0
11-9-15(7)
Discretionary Costs
and Grants
1
District
$6,047,965
11-9-15(8)
Eligible Project Costs
$6,067,965
Recommendation:
Approve the Resolution
to approve the Rushmore Gateway Corridor Headquarters Tax Increment District Project
Plan.
Notes: On January 14, 2016, the Tax
Increment Review Committee recommended creating the proposed tax increment
district; Planning Commission recommended approval of the Project Plan:
3/10/2016; City Council Set for Hearing for 4/4/2016: 3/21/2016; Legal and
Finance Committee recommended approval: 3/30/2016
Options:
1.Approve as presented
2.Approve with amendments
3.Continue for additional
information/clarification
4.Forward to Council without
recommendation
5.Recommend denial of resolution to
approve project plan