Posted: April 09, 2021
Rapid City
Agenda Item Summary

Agenda Item Ref. #: WS041421-06

Agenda Item Title:

Authorize Mayor and Finance Director to Sign Settlement Agreement Between the City of Rapid City, SSST, LLC, and Dennis Zandstra Real Estate Holdings, LLC for TIF 65 Minnesota Street Certified Costs

Origination Group:
City Council Working Session
Origination Meeting Date:
04/14/2021
City Council Hearing Date:
04/19/2021
City Council First Reading Date:
04/19/2021
City Council Second Reading Date:
05/03/2021
Staff Contact:
Carla Cushman & Pauline Sumption
Agenda Item Summary:
Tax Increment District 65 Minnesota Street was established in 2007 to assist in the development of property adjacent to Plum Creek and Elks Country Estates. TIF funds were identified for the extension of Minnesota Street, grading, storm sewer, underground utilities, a traffic signal, and various drainage improvements. City staff and the developers have been working for many months to come to an agreement about the certified costs which are reimbursable through the tax increment district, and this agreement is the result. The agreement is intended by the parties to fully and finally resolve all outstanding issues about the reimbursable project costs, which is why it is drafted as a settlement agreement. If the Council approves the agreement, an amended project plan will be proposed by the developers and the City for reallocation of some project costs in accordance with this agreement.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

Origination Recommendation Action:
Approve

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