Agenda Item Title:
19TI001 – Resolution 2019- 038 to approve TID #67 Project Plan Amendment #1 to reallocate project plan costs
Origination Group:
Planning Commission
Origination Meeting Date:
05/23/2019
Stage 2 Group Name:
Legal & Finance Committee
Stage 2 Meeting Date:
05/29/2019
City Council Hearing Date:
06/03/2019
Petitioner:
Sperlich Consulting, Inc. for Doeck, LLC
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:
The Project Plan, approved on April 21, 2008, assisted in the development of Brookfield Subdivision located east of Haines Avenue and north of Country Road. TIF funds were utilized for box culverts, grading and oversizing costs for the extension of water and sewer.
Developer A is requesting a cost reallocation to adjust the TIF funding proposal approved in 2008 to coincide with certified costs for the associated project plan line items.
Developer B is not eligible for any TIF fund reimbursements as construction was not completed within the five-year timeline as required by SDCL 11-9-13.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
Funding Source & Fiscal Impact Notes:
Tax increment funds generated by the increase in tax valuation
Recommendations:
Origination Recommendation Action:
Approve
Origination Recommendation Notes:
Planning Commission recommended approval: 5/23/2019; Legal and Finance Committee recommended to approve: 5/29/2019
City Council Recommendation Action:
Approve
City Council Recommendation Notes:
City Council approved: 6/3/2019