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Posted: January 06, 2017
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF011117-13

Agenda Item Title:

Request from James Letner for City Council authorization to allow Tax Increment Financing funds to be used for land acquisition; on-site professional fees for architecture, mechanical/electrical engineering, structural engineering and soils; and on-site Drainage and utility improvements for anticipated East St. Charles Street Affordable Housing TIF application

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
01/11/2017
City Council Hearing Date:
01/17/2017
Petitioner:
James Letner, Peter Schmid, Eric Braun
Staff Contact:
Patsy Horton
Agenda Item Summary:
The City’s Tax Increment District guidelines list several costs that are not permitted to be financed with TIF District dollars unless specifically authorized by City Council. The Petitioners are interested in creating a new TIF District to construct affordable housing on East St. Charles Street. Before they file an application for the new TIF District, they are requesting authorization from City Council to use proposed TIF district funding for costs associated with land acquisition; on-site professional fees for architecture, mechanical/electrical engineering, structural engineering and soils; and on-site and utility improvements.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

Origination Recommendation Notes:
Authorize the use of TIF funding for these costs. Deny the request to authorize the use of funds for these costs.