Posted: May 13, 2020
Rapid City
Agenda Item Summary

Agenda Item Ref. #: 03TI001 - Heartland Retail Center

Agenda Item Title:

03TI001 - Resolution to Dissolve Tax Increment District #38

Origination Group:
Planning Commission
Origination Meeting Date:
City Council Hearing Date:
City of Rapid City
Staff Contact:
Patsy Horton, Long Range Planning Manager
At the intersection of Eglin Street and Elk Vale Road
Agenda Item Summary:
City Council created Tax Increment District #38 on February 17, 2003, approved Revision #1 on May 17, 2004 and Revision #2 on February 6, 2017. The District was created to facilitate development of commercial property located east of Elk Vale Drive by providing funding to construct a water main extension, Eglin Street and a detention dam. The TID #38 certified costs were fully repaid on December 2, 2019, prompting the district dissolution per SDCL §11-9-46. The 2003 base valuation of the property was $3,362,500. In 2019, the increment value, generated from property improvements, increased by $32,584,608 or $636,266.64 in 2020 TID #38 revenue. The $164,962.26 TID 38 fund balance as of March 2020 will be distributed to the taxing agencies based on the 2019 tax levy. The project plan approved up to $3.42 million dollars for eligible public improvements expenses. The Finance Office made the final payment in December 2019.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center
$934,730.13 Water Main
$1,678,342.29 Eglin Street
$132,000.00 Gravity Sewer
$335,887.09 Detention Dam
$276,402.04 Professional Services
$2,101,434.09 Interest


Origination Recommendation Action:
Origination Recommendation Notes:
Planning Commission Recommended Approving: 5/7/2020: Legal and Finance Committee recommended to approve: 5/13/2020
City Council Recommendation Action:
City Council Recommendation Notes:
City Council approved: 5/18/2020

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