Posted: August 05, 2016
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF081016-03

Agenda Item Title:

Authorize Mayor and Finance Officer to sign Assignment Agreement for Tax Increment District 76 Buffalo Crossing between KS West, LLC and SK East, LLC and First National Bank

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
City Council Hearing Date:
Staff Contact:
Carla Cushman
Agenda Item Summary:
In April, Council approved the Development Agreement for TIF 76 with KS West, LLC and SK East, LLC as the developers. That agreement states that the developers may assign their rights to payment from tax increment funds to their bank as security for their loan. This Assignment Agreement does just that – provides that the City will make payments out of the TIF 76 fund directly to the bank, instead of the developer.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center


Origination Recommendation Action:

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