Agenda Item Title:
Authorize Mayor & Finance Officer to sign the CONTRACT FOR CONSTRUCTION OF PUBLIC IMPROVEMENTS THROUGH PRIVATE DEVELOPER TAX INCREMENT DISTRICT NUMBER SEVENTY-SIX Between KS WEST, L.L.C. AND SK EAST, L.L.C. & THE CITY OF RAPID CITY, SOUTH DAKOTA
Legal & Finance Committee
Origination Meeting Date:
Stage 2 Group Name:
Stage 2 Meeting Date:
City Council Hearing Date:
SE Corner of Hwy 16 & Catron Blvd
Agenda Item Summary:
On March 21st the City Council approved a Tax Increment District (TID) and Project Plan for the Buffalo Crossing Development. The project plan for this district included the cost of constructing a future public street identified as Healing Way, traffic signals and a turn lane off of Catron Blvd. at Wellington Drive. The project plan also included professional and financing costs. The attached agreement carries out the purpose of the TID by committing the City to pay the tax increment generated by the district to the Developer so that he can obtain financing to fund the cost of constructing the improvements listed above. The agreement further spells out how the developer can obtain payment for the work and assign the payments directly to its financial institution.
Funding Source & Fiscal Impact (if applicable):
Origination Recommendation Action:
Origination Recommendation Notes:
You can approve the agreement and obligate the funds to the Developer or you can deny approval of the agreement and no funds from the TID #76 will be obligated to the Developer.