|
CITY of RAPID CITY Agenda Item Summary |
|||
|
|
|||
|
Meeting Date: March 12, 2014 |
Commission, Board or Committee: NA |
||
|
Staff Contact: Pauline Sumption |
L&F Committee: 3/12/2014 |
||
|
Petitioner: Opportunity Capture Fund Committee |
City Council Hearing: 3/17/2014 |
||
|
Location: |
City Council 2nd Reading: |
||
|
Agenda Title: |
|||
|
Approve Request to Dissolve the IDPF Program (Infrastructure Development Partnership Fund) and to Reallocate the Funds to the OCF (Opportunity Capture Fund) |
|||
|
Summary: |
|||
|
The Opportunity Capture Fund Committee would like to reallocate these funds between the two lines. Both lines were available for Economic Development purposes, however, over the last three years, the IDPF tool has not been utilized by businesses wanting to relocate to or expand in Rapid City. On the other hand, OCF has been very successful in using its funds to incentivize businesses by providing capital investment and encouraging job creation. |
|||
|
Funding Source & Fiscal Impact (if applicable): |
|||
|
Vision Fund – already budgeted so no additional impact |
|||
|
Recommendation: |
|||
|
Action: Approve Notes: |
|||
|
Options: |
|||
|
|
|||
|
Attachments & Links: |
|||
|
|
|
||
|
|
|
|
|