Agenda Item Title:
08TI001 - Dissolve Tax Increment District No. 67
Origination Group:
Planning Commission
Origination Meeting Date:
09/05/2019
Stage 2 Group Name:
Legal & Finance Committee
Stage 2 Meeting Date:
09/11/2019
City Council Hearing Date:
09/16/2019
Petitioner:
City of Rapid City
Staff Contact:
Patsy Horton, Long Range Planning Manager
Location:
East and west of Haines Avenue and north and south of Country Road
Agenda Item Summary:
City Council effectively created Tax Increment District #67 on February 13, 2009, and approved the amended Project Plan on June 3, 2019. The District was created to grade and install two box culverts, as well as oversize the extensions of water and sewer within the Brookfield Subdivision, located east and west of Haines Avenue and north and south of Country Road.
The TID #67 certified costs were fully repaid on July 16, 2019, prompting the district dissolution per SDCL §11-9-46.
The 2008 base valuation of the property was $21,351,400. In 2018, the property generated a taxable valuation increase (increment) of $27,913,605 or $456,904.70 in 2019 TID #67 revenue. The $1,272,752.78 balance in the TID 67 fund will be distributed to the taxing agencies as follows, more or less: the School District 59.53%; the County 24.12%; the City 16.23%; and the Water District 0.12%, based on the 2018 tax levy.
The project plan approved up to $3.97 million dollars for eligible expenses. The Finance Office made the final payment in July 2019.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
Recommendations:
Origination Recommendation Action:
Approve
Origination Recommendation Notes:
Planning Commission recommended to approve: 9/5/2019; Legal and Finance Committee recommended to approve: 9/11/2019
City Council Recommendation Action:
Approve
City Council Recommendation Notes:
City Council approved: 9/16/2019