Agenda Item Title:
Authorize Mayor and Finance Director to Sign Development Agreement for Tax Increment Financing District Number Ninety
Origination Group:
Legal & Finance Committee
Origination Meeting Date:
08/16/2023
City Council Hearing Date:
08/21/2023
Staff Contact:
Kinsley Groote
Agenda Item Summary:
The City Council approved the Sagebrush Flats Affordable Housing Tax Increment Financing District (“TIF 90”) on June 5, 2023 by adopting Resolution 2023-038. The City Council also approved the Project Plan at its June 5, 2023 meeting by passing Resolution 2023-039. These resolutions officially went into effect on July 10, 2023. The purpose of the Tax Increment Financing District is to provide much-needed affordable housing for residents of Rapid City, namely approximately 180 apartment units that meet low income affordable housing criteria that will be located near the intersection of East Omaha Street and Lacrosse Street in Rapid City. The Development Agreement sets out the terms and conditions under which the Developer will construct such affordable housing and the City will reimburse the Developer from TIF 90 funds.
Funding Source & Fiscal Impact (if applicable):
Funding | Cost Center |
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Recommendations:
Origination Recommendation Action:
Approve