Agenda Item Title:
Authorize the Mayor and Finance Director to sign Professional Services Agreement with Urban3, LLC for a Rapid City Economic Analysis in an amount not to exceed $226,227
Origination Group:
Legal & Finance Committee
Origination Meeting Date:
10/02/2024
City Council Hearing Date:
10/21/2024
Petitioner:
City of Rapid City
Staff Contact:
Sarah Hanzel, Planning Projects Division Manager
Agenda Item Summary:
A major Core Value of the currently adopted Rapid City Comprehensive Plan is for the City to promote a “balanced pattern of growth” that is compact and efficient. Though sprawl reduction is a frequently cited goal among elected officials and City staff, the City currently lacks basic economic and land use data to assess the fiscal condition of our current growth pattern.
To address this, the Community Development Department budgeted funds for 2024-2025 to partner with a consulting firm called Urban3. This company specializes in land value economics, property tax analysis, and community design. This multi-sector analysis bridges the work of Departments across the City, particularly Community Development, Public Works and the Finance Department.
Key phases in the project include a citywide revenue model, a citywide cost model, and evaluation of infrastructure life cycle costs. The project is anticipated to take place over a 9 month period. The proposed Urban3 study can help guide future policy decisions to deliver the best return on investment of taxpayer dollars by understanding the feedback between land use decisions and future cost and revenue ramifications. The proposal is provided as an agenda attachment and contains more detail about the specific approaches in which the analysis will be conducted, and the associated deliverables.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
| 204 | |
Is Funding Budgeted?:
Budgeted
Recommendations:
Origination Recommendation Action:
Approve