Agenda Item Title:
08TI004 - Resolution to Dissolve Tax Increment District No. 68
Origination Group:
Planning Commission
Origination Meeting Date:
09/24/2020
Stage 2 Group Name:
Legal & Finance Committee
Stage 2 Meeting Date:
09/30/2020
City Council Hearing Date:
10/05/2020
Petitioner:
City of Rapid City
Staff Contact:
Patsy Horton, Long Range Planning Manager
Location:
Eastern terminus of Homestead Street
Agenda Item Summary:
The Project Plan for Tax Increment District #68 was approved on April 21, 2008, and was created to provide funding for drainage / storm sewer oversizing, to grade Detention Cell #101 within the County Heights Drainage Basing Design Plan, and to extend Homestead Street approximately 75 feet for road connections within the Homestead Subdivision associated with property owned by the Rapid City Area School District. The City of Rapid City participated in this proposal in order to install a 16” water main in Homestead Street. The project plan approved up to $2.258 million dollars in eligible expenses, and the certified costs were fully repaid in June 2020, prompting the district dissolution per SDCL §11-9-46. The 2008 base valuation of the property was $173,964; the 2019 year end property valuation within this district was $15,539,719. The $241,149.12 balance in the TID 68 fund distributed to the taxing agencies is estimated based on the 2019 tax levies as follows: the School District 49.85%, the County 30.01%, the City 19.99% and the Water District 0.15%.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
Recommendations:
Origination Recommendation Action:
Approve
Origination Recommendation Notes:
Planning Commission recommended to approve: 9/24/2020; Legal and Finance Committee recommended to approve: 9/30/2020
City Council Recommendation Action:
Approve
City Council Recommendation Notes:
City Council approved: 10/5/2020