Agenda Item Summary


Meeting Date: 5/29/2013

Tax Increment Finance Committee: 2/26/2013

Staff Contact: Patsy Horton, Long Range Planning Manager

Planning Commission : 3/21/2013; 4/25/2013; 5/9/2013

Petitioner: Dream Design International, Inc. for Dennis Zandstra Real Estate Holdings, LLC

L&F Committee: 5/29/2013

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

City Council Public Hearing: 6/3/2013

Agenda Title:

13TI002 - Resolution Creating Tax Increment District #74


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.

Funding Source & Fiscal Impact (if applicable):

Tax increment funds generated by the increase in tax valuation.


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.


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

Attachments & Links:

Staff Report

Resolution Creating District

Tax Increment Financing Committee Minutes (2/26/2013)

Vicinity Map

TIF Boundary Map

Aerial Map

Public Improvements

Preliminary Review


Proposed TIF Costs

Bank Financing Letter

Total Project Costs &

Project Pro forma

Tax Valuation Spreadsheet

Tax Increment Financing Guide



Articles of Incorporation

Planning Commission Minutes (5/9/2013)



Letter from Mayor Hanks
allowing TID #65 to become effective without his signature

Council Minutes
Approving TID #65

TID #65
Project Plan

Resolution Creating

TID #65

Resolution and Minutes Approving TID #65 Project Plan