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CITY of RAPID CITY Agenda Item Summary |
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Meeting Date: 5/29/2013 |
Tax Increment Finance Committee: 2/26/2013 |
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Staff Contact: Patsy Horton, Long Range Planning Manager |
Planning Commission : 3/21/2013; 4/25/2013; 5/9/2013 |
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Petitioner: Dream Design International, Inc. for Dennis Zandstra Real Estate Holdings, LLC |
L&F Committee: 5/29/2013 |
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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 |
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City Council Public Hearing: 6/3/2013 |
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Agenda Title: |
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13TI002 - Resolution Creating Tax Increment District #74 |
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Summary: |
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The Developer is requesting the creation of a tax increment district 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. |
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Funding Source & Fiscal Impact (if applicable): |
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Tax increment funds generated by the increase in tax valuation. |
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Recommendation: |
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Action: Approve. Notes: On February 26, 2013, the Tax Increment Financing Committee recommended approval with a 4-2 vote. On May 9, 2013, Planning Commission recommended approval with a unanimous vote. |
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Options: |
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1. Continue to the June 12, 2013 Legal and Finance Committee to allow the applicant to provide a detailed description of the typical subdivision costs for the proposed district versus the non-typical subdivision costs to allow the Council an opportunity to review normal costs associated with development as was requested at the February 26, 2013 Tax Increment Financing Committee meeting. 2. Approve with changes; or 3. Deny |
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Attachments & Links: |
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THE FOLLOWING ATTACHMENTS RELATE TO TAX INCREMENT DISTRICT #65 |
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Letter
from Mayor Hanks |
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