Agenda Item Title:
16TI006 - Resolution approving Revision #1 Project Plan Reallocating Project Costs for Tax Increment District No. 64
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:
City of Rapid City
Staff Contact:
Patsy Horton, Long Range Planning Manager
Location:
Northeast of the intersection of Interstate 90 and Dyess Avenue
Agenda Item Summary:
The proposed change reallocates Capital Costs, Professional Costs, Financing Costs, and Necessary and Convenient Costs in order to reconcile the expenditures as identified in the approved project costs.
The creation of TID #64 and the Project Plan for TID #64 were approved on August 6, 2007. The purpose of the Tax Increment District was to assist in the development of commercial property located along Mall Drive between Dyess Avenue and Elk Vale Road involving real property assembly costs and the expansion of the lift station located just north of Mall Drive on the west side of Elk Vale Road.
The Project Plan is funded by the incremental increases in taxable valuations, currently at $1.057 million per year.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
Recommendations:
Origination Recommendation Action:
Approve
Origination Recommendation Notes:
The Tax Increment Financing Committee recommended approval on November 16, 2016; 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