Agenda Item Title:
20TI005 - Resolution to create TID and approve a Project Report for the Homestead Street Extension
Origination Group:
Planning Commission
Origination Meeting Date:
09/24/2020
Stage 2 Group Name:
Legal & Finance Committee
Stage 2 Meeting Date:
10/14/2020
City Council Hearing Date:
10/05/2020
City Council First Reading Date:
10/19/2020
Petitioner:
City of Rapid City for City of Rapid City/Homestead Street Project, LLC
Staff Contact:
Patsy Horton, Long Range Planning Manager
Location:
Homestead Street east of Elk Vale Road between Timmons Boulevard and Missoula Street
Agenda Item Summary:
The proposed tax increment district will provide tax increment funding to design and construct approximately 900 feet of Homestead Street between Timmons Boulevard and Missoula Street, including but not limited to water, sewer and storm sewer per the Infrastructure Design Criterial Manual and the Standard Specifications.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
| 1,444,785 | Homestead Street including required infrastructure |
| 125,418 | Professional Fees |
| 144,478 | Contingency costs |
| 1,067,421 | Financing / Interest (7.0%) |
| $20,000 | Imputed Administrative Fee (interest free) |
| 2,802,102 | Total TIF Financed Expenditures |
Recommendations:
Origination Recommendation Notes:
The TIF Committee determined that the proposal met the intent of the TIF Policy and directed staff to develop the associated Project Plan (as identified in the TIF Policy) for presentation to the Planning Commission for review and approval: 8/25/2020; Planning Commission recommended to approve: 9/24/2020; Legal and Finance Committee approved: 10/14/2020
City Council Recommendation Action:
Approve
City Council Recommendation Notes:
Set for Hearing to be heard on 10/19/2020: 10/5/2020; City Council approved:10/19/2020