Posted: October 20, 2023
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF110123-02

Agenda Item Title:

Authorize Mayor and Finance Director to Sign First Amendment to Contract for Construction of Public Improvements by Private Developer for Tax Increment District Number Eighty-Four between Yasmeen Dream, LLC and the City of Rapid City

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
11/01/2023
City Council Hearing Date:
11/06/2023
Staff Contact:
Kinsley Groote
Location:
Circle of Friends Community Room
Agenda Item Summary:
On January 4, 2021, the City approved Resolution 2020-089 creating Tax Increment Financing District Number Eighty-Four. The City Council also approved the Project Plan by passing Resolution 2020-090. The purpose of the tax increment financing district is to assist in the development of commercial, industrial, and residential property located between E. North Street and Elk Vale Road north of Omaha Street (SD Highway 44) by funding portions of the City’s critical water distribution improvements within the district (including a booster station), constructing portions of E. Anamosa Street, N. Valley Drive, and Mickelson Drive, relocating power lines and utilities, and constructing regional detention ponds. On March 19, 2021, Developer and City entered into a Contract for Construction of Public Improvements by Private Developer for Tax Increment District Number Eighty-four (“Original Contract”).

This First Amendment modifies the Original Contract so that it comes into line with the corresponding Project Plan amendment item (----) on this agenda. The main changes to the Project Plan and the Original Contract are that: the City will now be funding the construction of the Booster Station (in Phase IA); the Developer will be funding the reconstruction of approximately 1,900 feet of Mickelson Drive; and the Developer will be funding the construction of arterial street lights along E. Anamosa Street within the entirety of Phase I.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

Origination Recommendation Action:
Approve

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