Agenda Item Ref. #: Resolution Adopting the Rapid City Tax Increment Financing Policy
Agenda Item Title:
Resolution Adopting the Rapid City Tax Increment Financing Policy (19OA002)
Origination Meeting Date:
Stage 2 Group Name:
Legal & Finance Committee
Stage 2 Meeting Date:
City Council First Reading Date:
City of Rapid City
Patsy Horton, Long Range Planning Manager
Agenda Item Summary:
Resolution 2019-015 adopts the Rapid City Tax Increment Financing Policy as proposed. The companion item, Ordinance 6310, amends Chapter 3.26 in order to implement the revisions provided in the TIF Policy.
The proposed Policy revisions focus public infrastructure funding assistance toward infill development and redevelopment within the core areas of the community as well as identifying targeted uses, including affordable housing. Other policy improvements include an enhanced pre-application process, a shortened approval timeline consistent with the SDCL 11-9 public hearing requirements, options for third party application review, and a new evaluation chart to assist in determining the project’s compatibility with the Policy objectives.
One of the significant changes to the proposed Policy includes creating a Tax Increment Review Team comprised of various staff members. This creates consistency with the process recently established for other development applications, e.g., the Development Review Team. Once the applicant submits an application for a new district or amended project plan, staff will also present the proposal to both the local School Board and Pennington County Commission to give them an opportunity to comment on the application prior to consideration by the Planning Commission and City Council.
Funding Source & Fiscal Impact (if applicable):
Origination Recommendation Action:
Origination Recommendation Notes:
Planning Commission recommends the Ordinance Amendment be continued to the September 26, 2019 Planning Commission Meeting
Planning Commission Continued to the April 4, 2019 Planning Commission Meeting: 3/7/2019; Planning Commission Continued to the May 23, 2019 Planning Commission Meeting: 4/4/2019