Agenda Item Title:
08TI007D - Resolution to Dissolve Tax Increment District No. 70
Origination Group:
Planning Commission
Origination Meeting Date:
04/20/2023
City Council Hearing Date:
05/01/2023
Petitioner:
City of Rapid City
Staff Contact:
Jonathan Howard, Special Projects Planner II
Location:
Catron Boulevard from Fifth Street to South U.S. Highway 16, then south along U.S. Highway 16 to Sammis Trail and east to Hyland Crossing Subdivision
Agenda Item Summary:
The Rapid City Council approved the resolution creating Tax Increment District #70 and its original Project Plan on February 6, 2012. Revisions to the Project Plan were approved on October 11, 2016. The District is located on a portion of Catron Boulevard from Fifth Street to South U.S. Highway 16, then south along U.S. Highway 16 to Sammis Trail. The District was created to assist in the development of commercial property located along South U.S. Highway 16 and Moon Meadows Drive through the development of public infrastructure improvements. The tax increment funds were utilized for a sanitary sewer main, a sewer force main, abandoning two lift stations, turn lanes, a traffic signal, a new lift station, engineering costs, and contingency costs. The total project costs paid by the district was $6,410,528. At the time the District was created, the base valuation of the District was $22,894,400. The 2021 assessment of the District has a valuation of approximately $105,959,726. If there is a remaining balance in the TID #70 fund, it will be distributed to the taxing agency as follows, more or less: the School District (59.7%), Pennington County (23.98%), Rapid City (16.24%), and the Water District (0.12%), based on the 2022 tax levy for non-agricultural properties. All eligible expenditures have been certified and paid in accordance with the adopted Project Plan. 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: 4/20/2023
City Council Recommendation Action:
Approve
City Council Recommendation Notes:
City Council approved: 5/1/2023