Agenda Item Title:
04TI013 - Resolution of Dissolution of Tax Increment District #50
Origination Group:
Planning Commission
Origination Meeting Date:
08/04/2022
Stage 2 Group Name:
Legal & Finance Committee
Stage 2 Meeting Date:
08/10/2022
City Council Hearing Date:
08/15/2022
Petitioner:
City of Rapid City
Staff Contact:
Sarah Hanzel, Planning Projects Division Manager
Location:
In the northwest quadrant of Omaha Street and I-190
Agenda Item Summary:
The Rapid City Council approved the resolution creating TID #50 – Federal Beef in December of 2004. The purpose of the district was to assist in funding the acquisition, demolition, clean up, and redevelopment of the former Federal Beef meat packing plant property that was destroyed by fire in 2002. Amendments to the Project Plan were made in 2005, 2008, and 2010 to reallocate costs and make other amendments to project cost components. The Tax Increment District had an assessed base valuation of $9.2 million. The 2021 assessed valuation of the District was $53 million. In 2021 the tax revenues were $783,283, with the City’s portion being approximately 16%. The City Finance Office indicates that all 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.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
Recommendations:
Origination Recommendation Action:
Approve
Origination Recommendation Notes:
Planning Commission approved: 8/4/2022
City Council Recommendation Action:
Approve
City Council Recommendation Notes:
City Council continued to the 9/6/2022 City Council meeting: 8/15/2022; City Council approved: 9/6/2022