Posted: September 23, 2021
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF092921 09

Agenda Item Title:

Authorize Mayor and Finance Director to Sign Third Amended Contract for Private Development Tax Increment District Number Sixty-Five Between SSST, LLC and the City of Rapid City

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
09/29/2021
City Council Hearing Date:
10/04/2021
Staff Contact:
Carla Cushman, Assistant City Attorney; Pauline Sumption, Finance Director
Agenda Item Summary:
On October 4, 2021, the Council will consider Revision #2 to the Project Plan for TIF 65 Minnesota Street that reallocated costs to reflect the actual costs of the infrastructure constructed as part of the TIF. This reallocation is necessary for full payment to be made to SSST, LLC pursuant to the Settlement Agreement between the City and TIF 65 developers. 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 due under this Agreement would be made only out of the Tax Increment District Sixty-Five Fund.

Recommendations:

Origination Recommendation Action:
Approve

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