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CITY of RAPID CITY Agenda Item Summary |
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Meeting Date: 8/12/2014 |
TIF Committee & Planning Commission: Pending Council Action |
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Staff Contact: Brett Limbaugh |
L&F Committee: 8/13/2014 |
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Petitioner: Hani Shafai and Pat Hall |
City Council 1st Reading: 8/18/2014 |
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Location: 105, 107, 111, 115, 121, & 125 E. St Joseph St. and 611 Maple Ave. |
City Council 2nd Reading: N/A |
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Agenda Title: |
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City Council authorization to allow Tax Increment Financing funds to be used for real property assembly costs including land acquisition for properties located at 105, 107, 111, 115, 121, & 125 E. St Joseph St. and 611 Maple Ave. |
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Summary: |
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The City Tax Increment District guidelines list several costs that are not permitted to be financed with TIF District dollars unless specifically authorized by City Council. Hani Shafai and Pat Hall are interested in creating a new TIF District designed to expand student housing near the South Dakota School of Mines. Before they file an application for the new TIF District they are requesting authorization from City Council to use proposed TIF district funding to acquire several properties on the north half of the block located between Maple Ave. and Myrtle Ave along St Joseph St. |
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Funding Source & Fiscal Impact (if applicable): |
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Proposed Tax Increment Financing district provided City Council authorizes the use of funds for property acquisition. |
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Recommendation: |
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Action: Authorize Notes: |
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Options: |
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Authorize the use of TIF funding for property acquisition or deny the request to authorize the use of funds for property acquisition. |
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Attachments & Links: |
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