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Posted: February 23, 2017
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF030117-02

Agenda Item Title:

Authorize Mayor and Finance Officer to Sign Second Amended Contract for Construction of Public Improvements Through Private Developer Tax Increment District Number Thirty-Eight Between Heartland Retail Center, LLC and the City of Rapid City (continued from the March 1, 2017 Legal and Finance Committee Meeting)

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
03/01/2017
Stage 2 Group Name:
Legal & Finance Committee
Stage 2 Meeting Date:
03/15/2017
City Council Hearing Date:
03/20/2017
Staff Contact:
Carla Cushman
Agenda Item Summary:
Recently Council approved of Project Plan Revision #2 for Tax Increment District Thirty-Eight. This Agreement between the Council and the Developer incorporates the reallocated project costs approved in Project Plan Revision #2 and allows for payment of those final project costs.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center
Any payments made due to this Agreement will be made from the Tax Increment District Thirty-Eight Fund.

Recommendations:

Origination Recommendation Action:
Approve