Posted: May 18, 2020
Rapid City
Agenda Item Summary

Agenda Item Ref. #: 20TI003 - Catron Boulevard and Highway 16

Agenda Item Title:

20TI003 - Resolution to approve TID No. 70 Project Plan Amendment #2 to reallocate project plan costs

Origination Group:
Planning Commission
Origination Meeting Date:
Stage 2 Group Name:
Legal & Finance Committee
Stage 2 Meeting Date:
City Council Hearing Date:
City Council First Reading Date:
John Gomez for Alta Terra Development
Staff Contact:
Patsy Horton, Long Range Planning Manager
Catron Boulevard from 5th Street to South U.S. Highway 16, then south along U.S. Highway 16 to Sammis Trail and east to the proposed Hyland Crossing Subdivision
Agenda Item Summary:
Tax Increment District #70 was created to assist in the development of commercial property located along South US Highway 16 and Moon Meadows Drive through the development of public infrastructure improvements. The Tax Increment Funds were identified to construct a sanitary sewer main, turn lanes, Moon Meadows Drive, water main crossing at South US Highway 16, a traffic signal, associated engineering costs and contingency costs. The Developer is requesting reallocation of project costs to align with certified expenditures.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center
$3,320,446.53 Capital Projects
$319,414.44 Professional Costs
$2,236,868.30 Financing
$25,000.00 Imputed Administrative Fee (Interest Free)
$5,901,729.27 Total TI Financed Expenditures
Funding Source & Fiscal Impact Notes:
The Project Plan is funded by the applicant.


Origination Recommendation Notes:
Tax Increment Financing Committee recommended approval; Planning Commission recommended approval: 4/9/2020; 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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