Agenda Item Title:
Authorize Mayor and Finance Director to Sign Development Agreement for Tax Increment Financing District Number Ninety-One
Origination Group:
Legal & Finance Committee
Origination Meeting Date:
08/14/2024
City Council Hearing Date:
08/19/2024
Petitioner:
City Attorney's Office
Staff Contact:
Kinsley Groote
Location:
Council Chambers
Agenda Item Summary:
The City Council approved the Camden Heights Affordable Housing Tax Increment Financing District (“TIFD 91”) on July 15, 2024 by adopting Resolution 2024-032. The City Council also approved the Project Plan at its July 15, 2024 meeting by passing Resolution 2024-033. These resolutions officially go/went into effect on August 16, 2024. The purpose of TIFD 91 is to provide much-needed affordable housing for residents of Rapid City, namely 252 apartment units that meet low income affordable housing criteria along with a solar field that will offset utility costs along and public improvements to Utica Street. The apartment units will be located to the north of the intersection of E. North Street and E. Anamosa Street in Rapid City. TIFD 91 is different from many other TIFDs because the City is loaning the developer the funds for a portion of the project, and the City will be reimbursed out of the TIFD fund for the amount of the loan plus interest on that loan at a rate of 5%. The Development Agreement sets out the terms and conditions under which the Developer will develop this affordable housing complex. There is an accompanying agenda item for the approval of the loan documents: LF081424-01.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
Recommendations:
Origination Recommendation Action:
Approve