Agenda Item Title:
23TI003 - Resolution to Create Tax Increment Financing District and Resolution to Adopt a Project Plan
Origination Group:
Planning Commission
Origination Meeting Date:
05/04/2023
Stage 2 Group Name:
Public Works Committee
Stage 2 Meeting Date:
05/30/2023
City Council Hearing Date:
05/15/2023
City Council First Reading Date:
06/05/2023
Petitioner:
Indigo Design, LLC
Staff Contact:
Sarah Hanzel, Planning Projects Division Manager
Location:
South of East Omaha, west of Cambell Street
Agenda Item Summary:
The applicant has submitted an application for a Tax Increment Financing District with $9,449,654 in proposed project costs. The purpose of the project is to support development of a low income affordable housing residential development with 180 units. The proposed costs include infrastructure improvements, land acquisitions, and financing for the project. The proposed tax increment district is 21 acres in size. On March 28, 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.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
Recommendations:
Origination Recommendation Action:
Approve with Stipulations
Origination Recommendation Notes:
If the Planning Commission recommends approval of creating the District and adopting the Project Plan then staff recommends that the stipulations at the end of the report be incorporated into the Developer’s Agreement. Planning Commission approved with stipulations: 5/4/2023
City Council Recommendation Action:
Approve with Stipulations
City Council Recommendation Notes:
Set for Hearing to be heard at 6/5/2023 City Council meeting: 5/15/2023; City Council approved 9-0 with Roberts abstaining: 6/5/2023