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Posted: July 01, 2019
Rapid City
Agenda Item Summary

Agenda Item Ref. #: 10TI004 - Elk Vale Road/ Homestead

Agenda Item Title:

10TI004 - Dissolve Tax Increment District No. 42

Origination Group:
Planning Commission
Origination Meeting Date:
06/20/2019
Stage 2 Group Name:
Legal & Finance Committee
Stage 2 Meeting Date:
06/26/2019
City Council Hearing Date:
07/01/2019
Petitioner:
City of Rapid City
Staff Contact:
Patsy Horton, Long Range Planning Manager
Location:
East of Elk Vale Road and north of Twilight Drive
Agenda Item Summary:
City Council approved the Tax Increment District #42 Project Plan on December 1, 2003, amended the Plan on December 3, 2007 and amended the Plan again on January 18, 2011. The District was created to assist in the construction of a water reservoir and water tower, located east of elk Vale Road, south of I-90 Exit 61 and north of Twilight Drive. Development within TID #42 generated sufficient revenues to construct the $3,301,010.79 water reservoir and associated infrastructure located just off Elk Vale Road between I-90 and Twilight Drive. The TID #42 certified costs were fully repaid, prompting the district dissolution per SDCL ยง11-9-46. The base valuation of the property when created in 2003 was $1,320,100. In 2018, the property generated a taxable valuation increase (increment) of $39,182,453 or $706,719.98 in 2019 TID #42 revenue. Staff anticipates that any remaining 2019 TID #42 revenues will be distributed to the taxing agencies as follows: School District 59.53% County 24.12% City 16.23% Water District 0.12% The project plan approved up to $8.858 million dollars for eligible expenses. The Finance Office made the final payment in May 2019.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center
$3,301,010.79 Water Reservoir
$158,507.36 Access Road/Land Purchase
$893,410.66 Water Line & other Expenditures
$616,118.73 Engineering for Water Reservoir
$3,157,976.36 Interest
$8,126,963.90 Total TID 42 Reimbursements

Recommendations:

Origination Recommendation Action:
Approve
Origination Recommendation Notes:
Planning Commission Approved: 6/20/2019; Legal and Finance Committee approved: 6/26/2019
City Council Recommendation Action:
Approve
City Council Recommendation Notes:
City Council approved: 7/1/2019