Agenda Item Title:
A RESOLUTION EARMARKING THE MONEY ALLOCATED TO ECONOMIC DEVELOPMENT IN THE CURRENTLY ADOPTED VISION ACCOUNT FIVE YEAR PLAN TO ELEVATE RAPID CITY.
Origination Group:
City Council
Origination Meeting Date:
12/16/2024
Staff Contact:
Joel Landeen
Agenda Item Summary:
On April 1st of this year, the Mayor presented the City Council with a five-year plan for allocating the funds in the City’s Vision Account from 2025 through 2029. The City Council approved a resolution adopting the proposed five-year plan on November 18th of this year. The plan did not identify any specific projects to be funded through the Vision Account and contemplated that additional resolutions would be brought forward to specify how the money allocated to the various areas in the plan would be spent. As part of the plan adopted on November 18th $5,000,000 was allocated to economic development. The attached resolution would authorize this money to be paid to the City’s current economic development partner, Elevate Rapid City, to support economic development within the City. This money would replace any funding Elevate would otherwise receive as part of the City’s annual appropriation ordinance. The money would be paid to Elevate in an annual increment of $1,000,000 over the next five years. Elevate would use the money as follows: $2,450,000 to support operational expenses, $1,500,000 for land acquisition and development, and $1,050,000 for economic development/business loans and to support downtown.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
Recommendations:
Origination Recommendation Action:
Approve