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Posted: July 03, 2017
Rapid City
Agenda Item Summary

Agenda Item Ref. #: 12TI003 - Original Town of Rapid City

Agenda Item Title:

12TI003 - Resolution Dissolving Tax Increment District #73

Origination Group:
Planning Commission
Origination Meeting Date:
06/22/2017
Stage 2 Group Name:
Legal & Finance Committee
Stage 2 Meeting Date:
06/28/2017
City Council Hearing Date:
07/03/2017
Petitioner:
City of Rapid City
Staff Contact:
Patsy Horton, Long Range Planning Manager
Location:
south of Saint Joseph Street, west of 5th Street, east of 6th Street and north of Quincy Street
Agenda Item Summary:
City Council approved the resolution approving the Tax Increment District #73 Project Plan on May 21, 2012. The District was created to assist in construction of a downtown parking structure, alley power burial and relocation, and contaminated soil removal. To date there have been no TIF eligible costs expended nor have there been any revenues generated. SDCL §11-9-13 identifies that no expenditure may be provided for in the plan more than five years after a district is created and §11-9-46 provides for terminating the tax increment district when the all project costs have been paid.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

Origination Recommendation Action:
Approve
Origination Recommendation Notes:
Planning Commission recommended to approve: 6/22/2017; Legal and Finance Committee recommended to approve: 6/28/17
City Council Recommendation Action:
Approve
City Council Recommendation Notes:
City Council approved: 7/3/2017