Posted: October 19, 2020
Rapid City
Agenda Item Summary

Agenda Item Ref. #: 20TI005 - Homestead Road Extension

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:
Stage 2 Group Name:
Legal & Finance Committee
Stage 2 Meeting Date:
City Council Hearing Date:
City Council First Reading Date:
City of Rapid City for City of Rapid City/Homestead Street Project, LLC
Staff Contact:
Patsy Horton, Long Range Planning Manager
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


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:
City Council Recommendation Notes:
Set for Hearing to be heard on 10/19/2020: 10/5/2020; City Council approved:10/19/2020

Login Form