Posted: August 21, 2018
Rapid City
Agenda Item Summary

Agenda Item Ref. #: 18TIF002 - Park Hill Development, Inc. - Creation of a Residential Tax Increment District

Agenda Item Title:

18TIF002 – Request to create a residential tax increment district

Origination Group:
TIF District Review Committee
Origination Meeting Date:
10/23/2018
Stage 2 Group Name:
Planning Commission
Stage 2 Meeting Date:
11/21/2018
City Council Hearing Date:
12/17/2018
Petitioner:
Park Hill Development, Inc.
Staff Contact:
Patsy Horton
Location:
Northwest of the intersection of Sydney Drive and Bridge View Drive
Agenda Item Summary:
The Tax Increment District, as proposed, will capture residential incremental tax funds in order to complete site improvements including additional dirt work for the foundation requirements, topsoil import, drainage improvements, offsite sidewalk extension, offsite street improvements and landscape screening between the industrial and residential properties. Professional and contingency costs are also included in the proposal. If the developer agrees to comply with the State’s definition of “affordable housing,” the school district’s incremental revenues are paid by all statewide property taxpayers. If not, the school district incremental taxes are collected as an additional levy to all property owners within the Rapid City School District inside Rapid City.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center
$603,100.00 Total Capital Costs
$36,186.00 Professional Fees
$18,093.00 Contingency Costs
$343,362.00 Financing / Interest (5.5%)
$1,000,741.00 Total TIF Financed Expenditures
$20,000 City of Rapid City – Imputed Administrative Fee

Recommendations:

Attachments & Links to Download:

18TIF002 Staff Review - Attachments & Links:
  pdf 18TIF002 Staff Report (71 KB)
pdf 18TIF002 Aerial Photo / Vicinity Map (3.38 MB)
pdf 17PL137 – Park Hill #7 Preliminary Subdivision Plan – Staff Report (40 KB)
pdf 17PL137 – Park Hill #7 Preliminary Subdivision Plan – Supporting Attachments (3.60 MB)
pdf 17PL137 – Park Hill #7 Preliminary Subdivision Plan – Council approval on 1/16/18 (203 KB)   pdf TIF Committee Minutes 8/28/2018 (11 KB)

18TIF002 Revised Submittal Information - Attachments & Links:
  pdf 18TIF002 Revised TIF Application (898 KB)
  pdf 18TIF002 Revised TIF Policy Checklist (642 KB)
  pdf 18TIF002 Revised TID Boundary (627 KB)
  pdf 18TIF002 Revised Applicant Pro Forma (500 KB)
  pdf 18TIF002 Revised Engineer Estimate (384 KB)
  pdf 18TIF002 Revised Project Costs (484 KB)
  pdf 18TIF002 Landscape Plan (632 KB)
  pdf 18TIF002 Landscaping Costs (515 KB)
  pdf 18TIF002 Amortization Schedule w/o TID (527 KB)
  pdf 18TIF002 Amortization Schedule w/TID (504 KB)
  pdf 18TIF002 Property Valuations (518 KB)

18TIF002 Submittal Information – Attachments & Links:

  pdf 18TIF002 TIF Application (1.36 MB)
  pdf 18TIF002 TIF Policy Checklist (1.05 MB)
  pdf 18TIF002 Proposed TIF Boundary (650 KB)
  pdf 18TIF002 Public Improvements Map (594 KB)
  pdf 18TIF002 Grading, Irrigation and Waste Plan Sheets (1.02 MB)
  pdf 18TIF002 Phasing Plan (590 KB)
  pdf 18TIF002 Project Costs (941 KB)
  pdf 18TIF002 Landscape Buffer Costs (55 KB)
  pdf 18TIF002 Applicant Pro Forma (497 KB)
  pdf 18TIF002 Applicant Revenue Projections (515 KB)
  pdf 18TIF002 Applicant Amortization Schedule (516 KB)

Other Resources - Attachments & Links:
  pdf TIF Guidelines (232 KB)
  pdf SDCL 11-9 – Tax Increment Financing (41 KB)
  pdf 2017 Tax Valuation Spreadsheet (27 KB)

 

 

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