Agenda Item Title:
16TIF001 – A request to reallocate and add costs to the Project Plan for Tax Increment District #70 (11TI003)
Origination Group:
Planning Commission
Origination Meeting Date:
04/21/2016
Stage 2 Group Name:
Public Works Committee
Stage 2 Meeting Date:
04/26/2016
Petitioner:
Alta Terra Development LLC
Staff Contact:
Patsy Horton
Location:
Catron Boulevard from Fifth Street to South US Highway 16, then south along South US Highway 16 to Sammis Trail, and then east to 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 for 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.
The proposed change reallocates Capital Costs, Professional Costs, Financing Costs, Contingency Costs, and Necessary and Convenient Costs in order to reconcile the approved project costs and add a line item to fund and construct two regional detention ponds in the amount of $127,521.
SDCL § 11-9-23 allows an increase in the originally approved project costs if the municipality adopts an amendment to the original project plan. If an amendment is approved to include the additional $127,521 for the detention ponds as proposed, the tax incremental base for the district shall be re-determined as identified in § 11-9-20
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
| The Project Plan will be funded by the applicant. | |
Is Funding Budgeted?:
Not Budgeted
Funding Source & Fiscal Impact Notes:
Determine if application meets the intent and purpose of Rapid City’s TIF Policy
Options:
1. Motion to approve as submitted. Committee task complete.
2. Motion to approve with modifications. Committee task complete.
3. Motion to deny.
Applicant may appeal denial motion to the Planning Commission. If Planning Commission votes to deny amending project plan, applicant may appeal to the Legal & Finance Committee. Legal & Finance Committee forwards recommendation to Council. If Council does not authorize the preparation of the revised project plan, no further action shall be taken.
Recommendations:
Origination Recommendation Notes:
Tax Increment Financing Committee recommended denial.
If approved, staff will revise the project plan for consideration by Planning Commission and City Council