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Posted: October 28, 2016
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF110216-16

Agenda Item Title:

Authorize Mayor and Finance Officer to Sign Amended Contract for Construction of Public Improvements Through Private Developer Tax Increment District Number Seventy With Alta Terra Development, LLC

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
11/02/2016
City Council Hearing Date:
11/07/2016
Staff Contact:
Carla Cushman, Patsy Horton
Agenda Item Summary:
On October 3, Council approved a Project Plan Revision #1 for Tax Increment District Number Seventy for South Highway 16 Sewer to reallocate the Project Costs in accordance with the actual construction costs for installation of a sewer main, construction of Moon Meadows Drive, a Traffic Signal on Highway 16 and Moon Meadows, and associated costs. This Amended Contract with Alta Terra amends the agreement with the updated Project Costs and authorizes the City to pay these Project Costs as amended in the Revised Project Plan.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center
All payments to be made to Alta Terra pursuant to this Amended Contract will be paid out of the Tax Increment District Seventy Fund.

Recommendations:

Origination Recommendation Action:
Approve