Posted: August 23, 2024
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF082824-08

Agenda Item Title:

Approve Resolution No. 2024-049, a Resolution Dissolving Tax Increment District Number Fifty-Six

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
08/28/2024
City Council Hearing Date:
09/03/2024
Petitioner:
Finance Department
Staff Contact:
Mike Dugan
Location:
Council Chambers
Agenda Item Summary:
TID 56 was created 11/11/2005 for costs associated with the reconstruction of Farnwood/Eglin Street from LaCrosse Street to Spurce Street, the construction of Farnwood/Eglin Street from Spruce Street to East North Street, the installation of traffic signals, a regional detention dam, the relocation of power lines, high pressure water main, and sanitary sewer main. Also, construction of a north-south road lying between East Anamosa and the new portion of Farnwood/Eglin Street. The assessed base valuation of the TID was $18,141,100. The valuation as of 12/31/2023 was $156,541,384. All certified costs have been paid in full from the increment fund and the TID must be dissolved pursuant to State Codified Law 11-9-46.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

Attachments & Links to Download:

LF082824-08 Resolution 2024-049

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