Agenda Item Title:
23TI001 - Resolution to Create a Tax Increment District Boundary and Adopt a Project Plan
Origination Group:
Planning Commission
Origination Meeting Date:
04/20/2023
Stage 2 Group Name:
Legal & Finance Committee
Stage 2 Meeting Date:
05/10/2023
City Council Hearing Date:
05/01/2023
City Council First Reading Date:
05/22/2023
Petitioner:
Vanocker Development for Eastern Slope Land Corp.
Staff Contact:
Sarah Hanzel, Planning Projects Division Manager
Location:
Western terminus of County Road, west of the intersection of Brooke Street
Agenda Item Summary:
On March 21, 2023 the Tax Increment Financing (TIF) Committee reviewed the project application and determined that the proposal meets the intent of South Dakota Codified Law and Rapid City’s TIF Policy. The committee directed staff to develop the associated Project Plan for review and action by the Planning Commission. The applicant has submitted an application for a Tax Increment Financing District with $1,332,000.29 in proposed project costs. The purpose of the project is to construct approximately 900 linear feet of Country Road West, a Collector Street on the City’s Major Street Plan. The Project Plan also includes costs associated with the street such as public utilities, paving, subgrade preparation, minor grading, and street lighting.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
Recommendations:
Origination Recommendation Action:
Approve
Origination Recommendation Notes:
Approve if the Planning Commission determines the project meets State Law and local Tax Increment Financing Criteria; Planning Commission Approved with Stipulations: 4/20/2023
City Council Recommendation Notes:
City Council Set for Hearing: 5/1/2023; City Council continued to May 22, 2023 special City Council meeting: 5/15/2023; City Council Approved with Stipulations at special City Council meeting: 5/22/2023