Posted: October 17, 2018
Rapid City
Agenda Item Summary

Agenda Item Ref. #: 18TIF003 – TID #65 E Minnesota Street Reallocation Amendment #1

Agenda Item Title:

18TIF003 – TID #65 E Minnesota Street Reallocation Amendment #1

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:
KTM Design Solutions, Inc. for SSST, LLC and Dennis Zandstra Real Estate Holdings, LLC
Staff Contact:
Patsy Horton
Location:
South and west of Elks Country Estate north and south of Elk Vale Road and east of S.D. Highway 79
Agenda Item Summary:
The Project Plan, approved on September 4, 2007, was created to assist in the development of property adjacent to Plum Creek and Elks Country Estates by extending Minnesota Street along the southern boundary of Plum Creek and Elks Country Estates from Elk Vale Road to east of Jolly Lane. TIF funds were identified for the extension of Minnesota Street, grading, storm sewer, underground utilities, a traffic signal, a regional drainage facility and an irrigation pipe. The City Council approved a Project Plan for TID #74 on August 13, 2013, identifying funds to complete the eastern most 2700 feet of Minnesota Street along with relocating the power line, associated engineering costs and financing. Both Developer I and II are requesting a cost reallocation to adjust the funding proposal approved in 2007 to coincide with costs submitted for the associated project plan line items.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center
Funding Source & Fiscal Impact Notes:
Tax increment funds generated by the increase in tax valuation

Recommendations:

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