Agenda Item Title:
Authorize the Mayor and Finance Officer to Sign Contract for Construction of Public Improvements by Private Developer for Tax Increment District 82 Between Yasmeen Dream, LLC and the City of Rapid City
Origination Group:
Legal & Finance Committee
Origination Meeting Date:
07/15/2020
City Council Hearing Date:
07/20/2020
Staff Contact:
Patsy Horton, Transportation Planning Corrdinator/Wade Nyberg, Deputy City Attorney
Agenda Item Summary:
TID 82 was created by Resolution of the Council approved at its June 1, 2020, meeting. Also approved at that meeting was the project plan for TID 82. The TID consists generally of the Orchard Meadows subdivision located near the junction of Highway 44 and Elk Vale Road. The primary use of TID funding will reimburse the Developer for construction of a regional lift station and associated improvements that will allow development of a portion of the Orchard Meadows subdivision. The agreement sets the terms for reimbursement from TID funds for the Developer’s construction costs, professional fees, and financing costs.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
Recommendations:
Origination Recommendation Action:
Approve