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Posted: February 06, 2017
Rapid City
Agenda Item Summary

Agenda Item Ref. #: 16TI005 - Heartland Retail Center

Agenda Item Title:

16TI005 - Resolution approving Revision #2 Project Plan Reallocating Project Costs for Tax Increment District No. 38

Origination Group:
Planning Commission
Origination Meeting Date:
01/05/2017
Stage 2 Group Name:
Legal & Finance Committee
Stage 2 Meeting Date:
02/01/2017
City Council Hearing Date:
01/17/2017
City Council First Reading Date:
02/06/2017
Petitioner:
Doyle Estes and Kathy Johnson
Staff Contact:
Patsy Horton, Long Range Planning Manager
Location:
Southeast quadrant of Elk Vale Road and Interstate 90
Agenda Item Summary:
The proposed change reallocates Capital Costs, Professional Costs, Financing Costs, Contingency Costs and Necessary and Convenient Costs in order to reconcile the expenditures as identified in the approved project costs. The creation of TID #38 and the Project Plan for TID #38 were approved on February 17, 2003. The purpose of the Tax Increment District was approved to assist in the development of commercial property located south of Interstate 90 east and west of Elk Vale Road and adjacent to Eglin Street. Funds were utilized to construct a water main from Beale Street to Anamosa Street, gravity sewer extension, two drainage detention dams, Eglin Street road improvements, a deceleration lane, and a 16 inch looped water main on Elk Vale Road. Three public improvements were not constructed with TID 38 funds. Those improvements include a sanitary lift station, a force main sewer extension, and signalization of the intersection at Elk Vale Road and Eglin Street. These three improvements were constructed by either another developer or the SDDOT. The Project Plan is funded by the incremental increases in taxable valuations, currently just under $660,000 per year.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

Origination Recommendation Action:
Approve
Origination Recommendation Notes:
The Tax Increment Financing Committee failed to recommend approval on November 16, 2016; the Planning Commission overturned the decision and directed staff to prepare the revision for consideration as item 16TI005: Planning Commission recommended approval: 1/5/2017; Legal and Finance Committee recommended approval: 2/1/2017
City Council Recommendation Action:
Approve
City Council Recommendation Notes:
City Council Set for Hearing on 2/6/2017: 1/17/2017; City Council approved: 2/6/2017