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Posted: February 07, 2017
Rapid City
Agenda Item Summary

Agenda Item Ref. #: 17TIF001 Rainbow Ridge TID #54 Amendment #2 - Cost Reallocation

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.

Recommendations: