Posted: February 16, 2021
Rapid City
Agenda Item Summary

Agenda Item Ref. #: 08TI009 - North Street Fire Station

Agenda Item Title:

08TI009 - Resolution to Dissolve Tax Increment District No. 69

Origination Group:
Planning Commission
Origination Meeting Date:
02/04/2021
City Council Hearing Date:
02/16/2021
Petitioner:
City of Rapid City
Staff Contact:
Sarah Hanzel, Long Range Planner III
Location:
North of US.S. Interstate 90, east of LaCross Street and west of Dyess Avenue
Agenda Item Summary:
The Rapid City Council approved the resolution creating Tax Increment District #69 and its original Project Plan on July 21, 2008. Revisions to the Project Plan were approved on June 15, 2009 and March 18, 2013. The District was created to assist the development of commercial property located north of U.S. Interstate 90 and east of LaCrosse Street through the construction of public infrastructure improvements, and to assist in development of a Fire Station. The City Finance Office indicates that all eligible expenditures have been certified in accordance with the adopted Project Plan and all revenues received have been paid. In accordance with SDCL 11-9-46, the City is required to officially dissolve this Tax Increment District. The 2020 incremental revenue, paid in 2021, is estimated at $1,195,031.56. This revenue will be distributed to the taxing agency as follows, more or less: the School District (58.91%), Pennington County (24.55%), Rapid City (16.42%), and the Water District (0.12%), based on the 2020 tax levy for non-agricultural properties.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

Origination Recommendation Action:
Approve
Origination Recommendation Notes:
Planning Commission recommended to approve: 2/4/2021; Work Session recommended to approve: 2/10/2021
City Council Recommendation Action:
Approve
City Council Recommendation Notes:
City Council approved: 2/16/2021

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