Agenda Item Title:
11TI001 - Resolution Dissolving Tax Increment District No. 71
Origination Group:
Planning Commission
Origination Meeting Date:
06/08/2017
Stage 2 Group Name:
Legal & Finance Committee
Stage 2 Meeting Date:
06/14/2017
City Council Hearing Date:
06/19/2017
Petitioner:
City of Rapid City
Staff Contact:
: Patsy Horton, Long Range Planning Manager
Location:
East of U.S. Highway 16, west of S.D. Highway 79 and north and south of Catron Boulevard
Agenda Item Summary:
City Council approved the Tax Increment District #71 Project Plan on February 1, 2011. The District was created to assist in the public infrastructure improvements for a commercial development located west of Fifth Street and north of Catron Boulevard and used to construct improvements on Fifth Street, Catron Boulevard, Stumer Road and Black Hills Boulevard, traffic signals, engineering, contingency, and necessary and convenient costs.
Development within TID #71 generated revenue to assist in reimbursing expenditures within Fifth Street TID #41, created in July 2003. The certified costs within TID #41 included $6,586,513 in infrastructure costs to extend Fifth Street from Minnesota Street to Catron Boulevard. The TID #41 certified costs were repaid and the district dissolved in February 2014.
The base valuation of the property in 2011 was $11,014,600. The property now has an assessed valuation of $20,824,654 for an increase of $9,810,054 over the base valuation, or approximately $1,635,009 per year. In 2011, the District would have generated approximately $239,116 in tax revenue. The 2017 tax revenues are $423,198.43; the School District will receive 60.47%, the County 23.64%, the City 15.75% and the Water District 0.14%. The project plan approved up to $3.048 million dollars for eligible expenses. In September 2015, the applicant certified just over $1.372 million. The Finance Office mailed the final payment in May 2017.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
Recommendations:
Origination Recommendation Action:
Approve
Origination Recommendation Notes:
Planning Commission recommended approval: 6/8/2017; Legal and Finance committee recommended approval: 6/14/2017
City Council Recommendation Action:
Approve
City Council Recommendation Notes:
City Council approved: 6/19/2017