Agenda Item Title:
20TI006 - Resolution to Create TID and Approve a Project Plan for the E Anamosa Street Water Extension
Origination Group:
Planning Commission
Origination Meeting Date:
12/10/2020
Stage 2 Group Name:
City Council
Stage 2 Meeting Date:
12/30/2020
City Council Hearing Date:
12/21/2020
City Council First Reading Date:
01/04/2021
Petitioner:
Dream Design International, Inc for Yasmeen Dream, LLC.
Staff Contact:
Patsy Horton, Long Range Planning Manager
Location:
East of E North Street, north of SD Highway 44, west of Elk Vale and south of Eglin Street
Agenda Item Summary:
The proposed tax increment district will provide tax increment funding to design, grade and install a 16” and 20” water main from E North Street to Elk Vale Road within the E Anamosa Street corridor, grade portions of North Valley Drive, relocate utilities along the E Anamosa Street, North Valley Drive and Mickelson Drive corridors, design and construct four regional detention ponds, provide funding for the City to conduct a feasibility study and design and construct a regional water booster station per the Infrastructure Design Criteria Manual (location and TIF eligibility dependent upon the associated feasibility study), and install a 12” water main in the Mickelson Drive corridor north to E Anamosa Street and construct a portion of Mickelson Drive south of the section line near Western Dakota Tech.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
| 13,191,040.15 | TIF Financed Public Improvements |
| 1,319,104.02 | Professional/Construction Admin Fees |
| 1,319,104.02 | Contingency costs/Necessary-Convenient |
| 9,860,293.21 | Financing / Interest (7.0%) |
| 25,000.00 | Imputed Administrative Fee (interest free) |
| 25,714,541.39 | Total Tax Increment 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. Staff recommends approval of the resolutions to create the proposed tax increment district and the associated project plan to complete the critical water distribution system components and the associated construction projects as identified in the Project Plan.
Planning Commission recommended to approve with stipulations: 12/10/2020
City Council Recommendation Action:
Approve with Stipulations
City Council Recommendation Notes:
Staff recommends amending the Planning Commission stipulations to clarify the reimbursement timeline for the booster station costs: Set for hearing to be heard at 1/4/2021 City Council meeting: 12/21/2020; City Council Approved Resolution 2020-089 to create E Anamosa Street Water Main Extension TID and Continue Resolution 2020-090 to approve E Anamosa Street Water Main Extension TID Project Plan: 1/4/2021; City Council Approved with Stipulations Resolution 2020-090 to Approve E Anamosa Street Water Main Extension TID Project Plan: 1/19/2021