Posted: November 23, 2016
Rapid City
Agenda Item Summary

Agenda Item Ref. #: 16TIF003 Heartland Retail Center Amendment #2 - Cost Reallocation

Agenda Item Title:

16TIF003 Heartland Retail Center TID #38 Amendment #2 – Cost Reallocation

Origination Group:
TIF District Review Committee
Origination Meeting Date:
Stage 2 Group Name:
Planning Commission
Stage 2 Meeting Date:
City Council Hearing Date:
City Council First Reading Date:
Doyle Estes / Kathy Johnson
Staff Contact:
Patsy Horton
Southeast Quadrant of Elk Vale Road and Interstate 90
Agenda Item Summary:
The proposed amendment to the Project Plan for Tax Increment District #38 reallocates the approved Project Plan costs to match actual expenditures.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center
$86,962.03 Increase Water Main Costs
$129,788.35 Increase Eglin St Ph I
($350,000.00) Lift Station - Not Constructed
($210,000.00) Forced Main - Not Constructed
($120,000.00) Signal (SDDOT Funded)
$150,943.51 Increase Water Main Loop
Funding Source & Fiscal Impact Notes:
$8,000.00 - Increase Water Main to Anamosa; ($12,899.29) - Decrease Prof Serv Ph I; $736,055.48 - Increase Eglin St. Ph II; $135,887.09 - Increase Det.Dam Ph II; $72,713.46 - Increase Prof Serv Ph II; ($90,000.00) - Decrease Cont Cost Ph II “All increased costs are associated with existing construction cost expenses. With the proposed adjustments, TID 38 is anticipated to payoff in 2021.”


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