Agenda Item Title:
Authorize Mayor and Finance Director to Sign Developer Agreement for TID 86
Origination Group:
Legal & Finance Committee
Origination Meeting Date:
09/14/2022
City Council Hearing Date:
09/19/2022
Staff Contact:
Kinsley Groote, Assistant City Attorney
Agenda Item Summary:
TID 86 was officially created on June 17, 2022 by Resolution 2022-034. The City Council approved the Project Plan at its May 16, 2022 meeting by passing Resolution 2022-035, and the resolution for approval was effective on June 17, 2022. The purpose of this Tax Increment Financing District is to extend and develop a regional economic center for the community and provide expanded City infrastructure into the south side of Rapid City. The Developer Agreement sets out the terms and conditions under which the Developer will construct the improvements and the City will reimburse the Developer from TID funds.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
Recommendations:
Origination Recommendation Action:
Approve