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CITY of RAPID CITY Agenda Item Summary |
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Meeting Date: 4/24/2014 |
Planning Commission: 4/24/2014 |
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Staff Contact: Sarah Hanzel; Long Range Planner I |
L&F Committee: 4/30/2014 |
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Petitioner: City of Rapid City |
City Council 1st Reading: 5/5/2014 |
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Location: Between Sheridan Lake Road and South Highway 16 and adjacent to Catron Boulevard |
City Council 2nd Reading: N/A |
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Agenda Title: |
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Resolution no. 2014-038 to Dissolve Tax Increment District No. 61 (09TI003) |
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Summary: |
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The District was created in October of 2006. The Third Revised Project Plan was approved on May 17, 2010. The Finance Director has indicated that the final payment associated with the approved Third Revision Project Plan has been made. In 2006, the base valuation of the District was $1,973,605. Based on the South Dakota Department of Revenue’s 2013 TIF Certification, the assessed value for Tax Increment District #61 is $22,364,401, for an increase of $20,391,336 over the 2006 tax base valuation. The estimated increase is $2.7 million per year since the district was created. |
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Funding Source & Fiscal Impact (if applicable): |
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N/A |
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Recommendation: |
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Action: Approval Notes: Planning Commission recommended approval: 4/24/2014 |
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Options: |
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Attachments & Links: |
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