Agenda Item Title:
Rainbow Ridge TID #54 Amendment #2 - Cost Reallocation (17TIF001)
Origination Group:
TIF District Review Committee
Origination Meeting Date:
02/14/2017
Stage 2 Group Name:
Planning Commission
Stage 2 Meeting Date:
03/23/2017
City Council Hearing Date:
04/17/2017
Petitioner:
City of Rapid City
Staff Contact:
Patsy Horton
Location:
Community Planning & Development Services
Agenda Item Summary:
The proposed amendment to the Project Plan for Tax Increment District #54 reallocates the approved Project Plan costs to match actual expenditures.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
| ($38,388.81) | Water Main in Bunker Drive |
| $285,467.73 | Water Main |
| $167,538.59 | Booster Station Professional Fees |
| $15,608.59 | Water Main/Bunker Professional Fees |
| $145,268.52 | Water Main Professional Fees |
| ($575,494.62) | Financing Costs |
Is Funding Budgeted?:
Budgeted
Funding Source & Fiscal Impact Notes:
$38,388.81 - Water Main in Bunker Drive, and $575,494.62 – Financing Interest. The change would add $285,467.73 Capital Costs line item for the Water Main, and add $328,415.70 to the Professional Services costs for: $167,538.59 – Booster Station, $15,608.59 – Water Main in Bunker Drive, and $145,268.52 – Water Main. With proposed adjustments, TID 54 is anticipated to payoff in 2022.