Posted: August 10, 2023
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF081623-05

Agenda Item Title:

Authorize Mayor and Finance Director to Sign Assignment 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:
On June 5, 2023, Council created Tax Increment Financing District Number 90 and approved an associated Project Plan. The City has an agenda item on this same agenda to enter into a development agreement with Sagebrush Flats, LLLP, which states that the developer may assign its rights to payment from tax increment funds to its financial institution as security for developer’s loan. This Assignment Agreement does just that. This Agreement provides that the City will make payments out of the TIF District Number 90 fund directly to Bankwest, Inc. instead of to the developer.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

Origination Recommendation Action:
Approve

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