Agenda Item Title:
23TI002 - Resolution to Create Tax Increment Financing District and Resolution to 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:
05/22/2023
City Council First Reading Date:
05/01/2023
Petitioner:
Site Works Inc for Watershed Development II LC
Staff Contact:
Sarah Hanzel, Planning Projects Division Manager
Location:
South of Cloud Peak Drive and Targhee Drive
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 $5,992,877.68 in proposed project costs. The purpose of the project is to construct a Lift Station, force main, and gravity sewer line extending to adjacent property. With the gravity line extension, an estimated 245 additional homes could be supported in the future.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
Recommendations:
Origination Recommendation Action:
Approve with Stipulations
Origination Recommendation Notes:
Approve if the Planning Commission determines that the proposed project meets State Law and the local Tax Increment Financing Criteria; Planning Commission Approved with Stipulations: 4/20/2023
City Council Recommendation Action:
Approve with Stipulations
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