Posted: June 05, 2017
Rapid City
Agenda Item Summary

Agenda Item Ref. #: 17TI001 - Rainbow Ridge Subdivision

Agenda Item Title:

17TI001 - Resolution approving Revision #2 Project Plan Reallocating Project Costs for Tax Increment District No. 54

Origination Group:
Planning Commission
Origination Meeting Date:
04/06/2017
Stage 2 Group Name:
Legal & Finance Committee
Stage 2 Meeting Date:
05/10/2017
City Council Hearing Date:
04/17/2017
City Council First Reading Date:
05/15/2017
Petitioner:
Doyle Estes and Kathy Johnson
Staff Contact:
Patsy Horton, Long Range Planning Manager
Location:
Resolution approving Revision #2 Project Plan Reallocating Project Costs for Tax Increment District No. 54
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 Project Plan. The creation of TID #54 and the Project Plan for TID #54 were approved on October 3, 2005. The purpose of the Tax Increment District was approved to assist in the development of residential property located north of Mall Drive west of Haines Avenue. Funds were utilized to construct a new water reservoir and the water main to connect to the existing water infrastructure, a booster station, grading over the existing water main, water main in Bunker Drive, Vicki Powers park improvements, professional services costs associated with the approved capital costs, as well as financing costs.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center
Funding Source & Fiscal Impact Notes:
Capital Costs Booster Station -- $540,000 Water Main in Bunker Drive -- $96,611.19 Water Main -- $600,467.73 Grading over water mains -- $270,000 Water Reservoir -- $675,000 Park Improvements -- $400,000 Professional Services Costs Booster Station -- $227,538.59 Water Main in Bunker Drive -- $30,608.59 Water Main -- $180,268.52 Grading over water mains -- $30,000 Water Reservoir -- $75,000 Park Improvements -- $100,000 Financing Costs Financing Interest -- $1,880,962.10 2016 Increment Revenue - $422,276.33

Recommendations:

Origination Recommendation Action:
Approve
Origination Recommendation Notes:
Planning Commission recommended approval: 4/6/2017; Legal Finance Committee continued to the May 10, 2017 Legal Finance Committee Meeting: 4/26/2017; Legal Finance Committee continued to the May 31, 2017 Legal Finance Committee Meeting: 5/10/2017; Legal Finance Committee recommended to approve (3-2): 5/31/2017
City Council Recommendation Notes:
City Council voted to approve Set for Hearing date of 5/1/2017 - Voting 7-1 with Roberts voting no and Estes abstaining:4/17/201; City Council continued to 5/15/2017: 5/1/2017; City Council continued to 6/5/2017: 5/15/2017

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