Posted: October 03, 2016
Rapid City
Agenda Item Summary

Agenda Item Ref. #: 16TI003 - Highway 16 Sewer

Agenda Item Title:

16TI003 - Amend Project Plan for Tax Increment District No. 70 - Highway 16 Sewer (11TI003)

Origination Group:
Planning Commission
Origination Meeting Date:
05/26/2016
Stage 2 Group Name:
Legal & Finance Committee
Stage 2 Meeting Date:
07/13/2016
City Council Hearing Date:
06/06/2016
City Council First Reading Date:
10/03/2016
Petitioner:
Kent Hagg for Alta Terra Development
Staff Contact:
Patsy Horton, Long Range Planning Manager
Location:
Catron Boulevard from 5th Street to South U.S. Highway 16, then south along U.S. Highway 16 to Sammis Trail and east to the proposed Hyland Crossing Subdivision
Agenda Item Summary:
The creation of TID #70 was approved on September 15, 2008. The Project Plan was approved on February 6, 2012. The purpose of the Tax Increment District was to assist in the development of commercial property located along South US Highway 16 and Moon Meadows Drive through the development of public infrastructure improvements. The Tax Increment Funds were identified to construct a sanitary sewer main, turn lanes, Moon Meadows Drive, water main at South US Hwy 16 crossing, a traffic signal, engineering and contingency costs. The Project Plan is funded by the developer. On July 11, 2016, the applicant amended the request to only reallocate Capital Costs, Professional Costs, Financing Costs, Contingency Costs, and Necessary and Convenient Costs in order to reconcile the approved project costs with the anticipated expenditures.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center
Funding Source & Fiscal Impact Notes:
The Project Plan will be financed by the applicant, with reimbursement by the incremental tax revenues generated within the District.

Recommendations:

Origination Recommendation Action:
Approve
Origination Recommendation Notes:
Notes: TIF Committee denied request on 3/29/16; Planning Commission overturned TIF denial: 5/26/2016; Legal and Finance Committee continued to 7/13/2016: 6/15/2016; Legal and Finance Committee voted to send forward to City Council without recommendation: 7/13/2016 OPTIONS: To approve as presented, approve in part; approve with changes; deny
City Council Recommendation Action:
Approve
City Council Recommendation Notes:
City Council voted to approve Set for Hearing date of 6/20/2016 - Voting 8-1 with Laurenti voting no. City Council continued for hearing to 7/18/2016: 6/20/2016; City Council continued for hearing to 8/1/2016: 7/18/2016; City Council continued for hearing to 8/15/2016: 8/1/2016: City Council continued for hearing to 9/19/2016: 8/15/2016; City Council continued for hearing to 10/3/2016: 9/19/2016; City Council approved (8-2): 10/3/2016

Attachments & Links to Download:

8-30-2016 Updated Links:

pdf 16TI003 Staff pro forma Revenues 8 30 2016 (98 KB)   pdf 16TI003 TID 70 Equalization data 8 30 2016 (42 KB)   pdf 16TI003 TID 70 Loan Amortizations 8 30 2016 v2 (40 KB)   pdf 16TI003 TID 76 Loan Amortizations 8 30 2016 v2 (45 KB)   pdf 16TI003 TID 77 Loan Amortizations 8 30 2016 v2 (50 KB)

7-15-2016 Updated Links:

pdf 16TI003 Project Cost Proposal 7 12 2016 (21 KB)   pdf 16TI003 Staff pro forma Revenues 7 15 2016 (93 KB)   pdf 16TI003 TID 70 Payoff Estimate 7 15 2016 (73 KB)   pdf 16TI003 Buffalo Crossing Payoff Revised 7 15 2016 (77 KB)   pdf 16TI003 BHC Payoff Revised 7 15 2016 (83 KB)   pdf 16TI003 Interest Summary 7 15 2016 (61 KB)  

7-12-2016 Updated Links:

pdf 16TI003 Project Cost Proposal 72016 (22 KB)   pdf 16TI003 TID 70 Payoff Estimate 72016 2 (73 KB)   pdf 16TI003 Buffalo Crossing Payoff Revised 7 13 16 (74 KB)   pdf 16TI003 BHC Payoff Revised 7 13 16 (82 KB)   pdf 16TI003 Interest Summary (56 KB)   pdf 16TI003 Staff pro forma 72016 (91 KB)

TID 70 Amendment Proposal - Attachments & Links

pdf 16ti003 Staff Report (76 KB)   pdf 16TI003 TID 70 Amend #1 Project Plan (3.68 MB)   pdf 16TI003 TID 70 Amend #1 Project Cost Reallocation Spreadsheet (12 KB)  

pdf 16TI003 TID 70 Vicinity Map (243 KB)   pdf 16TI003 TID 70 Aerial Photo (3.18 MB)   pdf 16TI003 TID 70 Boundary Map (224 KB)   pdf 16TI003 TID 70 Zoning Map (366 KB)  

pdf 16TI003 TID 70 Existing Use Map (250 KB)   pdf 16TI003 TID 70 Amended Public Improvements Map (153 KB)

pdf 16TI003 TID 70 Revenue Projections (80 KB)   pdf 16TI003 TID 70 Amortization Schedule (77 KB)  

pdf 16TI003 TID 70 Amendment #1 Preliminary Review (126 KB)   pdf TIF Committee Minutes 20160329 (29 KB)   pdf 16ti003 Appeal of TIF Committee 2016329 Decision (76 KB)

TID 70, Amendment #1 Application Information - Attachment & Links

pdf 16TI003 Alta Terra Application (1.52 MB)   pdf 16TI003 Alta Terra Improvements Map (134 KB)   pdf 16TI003 Alta Terra Amended Project Costs (53 KB)

pdf 16TI003 Alta Terra Detention Pond Data (1.21 MB)   pdf 16TI003 Alta Terra Apartment Master Plan (996 KB)   pdf 16TI003 Alta Terra Pro Forma (413 KB)

TID 70, Approved 9/18/2008 - Attachment & Links

pdf 11TI003 TID 70 Project Plan (1.02 MB)   pdf 11TI003 TID 70 Public Improvements Map (50 KB)

Other Resources - Attachments & Links

pdf Rapid City TIF Guidelines (193 KB)   pdf SDCL11 9 Tax Increment Financing (41 KB)   pdf SDCL11 9 23 Base Valuation Redetermination (25 KB)

pdf 2015 Rapid City Tax Valuation Spreadsheet (29 KB)   pdf TID 76 Buffalo Crossing Revenue Projections (534 KB)   pdf TID 76 Buffalo Crossing Amortization Schedule (72 KB)

pdf TID 77 BHC Revenue Projections (534 KB)   pdf TID 77 BHC Amortization Schedule (79 KB)   pdf TID41 Project Cost Amendments (121 KB)

 

 

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