Agenda Item Title:
18TIF001 – Request to create a residential tax increment district
Origination Group:
TIF District Review Committee
Origination Meeting Date:
05/02/2018
Stage 2 Group Name:
Planning Commission
Petitioner:
Freeland Meadows LLC
Staff Contact:
Patsy Horton
Location:
Southeast of the intersection of W Nike Road and Country Road
Agenda Item Summary:
The Tax Increment District will capture incremental tax funds in order to complete site improvements and a regional drainage pond (partially located outside TIF boundary and the city limits boundary) on the southern-most forty acres within the proposed boundary. The site improvements include erosion and sediment control measures, mass grading, drainage and storm sewer improvements and non-expansive granular material stockpile used for stabilizing the footings and floor slabs if expansive soils are encountered on site. Professional and contingency costs are also included in the proposal.
As a residential district, the incremental school district taxes collected within the TIF boundary for the life of the proposed district are paid by all property owners within the Rapid City School District inside Rapid City.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
Funding Source & Fiscal Impact Notes:
FUNDING COST CENTER
$93,092.00 Erosion and Sediment Control
$632,077.00 Mass Grading Costs
$338,529.00 Drainage (Detention and Storm Sewer)
$735,000.00 Non Expansive Granular Material (Stockpile)
$1,798,698.00 Total Capital Costs
$107,145.84 Professional Fees
$53,960.94 Contingency Costs
$1,150,186.81 Financing / Interest (5.5%)
$3,109,991.59 Total TIF Financed Expenditures
$20,000.00 City of Rapid City – Imputed Administrative Fee