Posted: November 15, 2016
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF111616-11

Agenda Item Title:

Authorize Mayor and Finance Officer to Sign Contract for Construction of Public Improvements Through Private Developer Tax Increment District Number Seventy-Eight Between Yasmeen Dream, LLC and the City of Rapid City

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
11/16/2016
City Council Hearing Date:
11/21/2016
Staff Contact:
Carla Cushman
Agenda Item Summary:
On October 3, Council approved a Project Plan for the Orchard Meadows Tax Increment District. This agreement clarifies the Project Costs for the TIF, establishes the conditions under which the Developer can be reimbursed from the proceeds of the TIF for the cost of the public improvements identified in the approved Project Plan, and sets forth the procedures by which the Developer may assign its right to TIF proceeds in order to secure private financing for the improvements.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center
All payments to be made to Yasmeen Dream, LLC pursuant to this Contract will be paid out of the Tax Increment District Seventy-Eight Fund.

Recommendations:

Origination Recommendation Action:
Approve

Login Form