Agenda Item Title:
20TIF005 - Request to create an economic tax increment district for the extension of Homestead Street
Origination Group:
TIF District Review Committee
Origination Meeting Date:
08/25/2020
Stage 2 Group Name:
Planning Commission
Petitioner:
City of Rapid City and Homestead Street Project LLC
Staff Contact:
Patsy Horton
Location:
East of Elk Vale Road between Timmons Boulevard and Missoula Street
Agenda Item Summary:
The proposed tax increment district will provide tax increment funding to design and construct the extension of Homestead Street between Timmons Boulevard and Missoula Street.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
| $1,600,000 | Homestead Street Extension |
| $130,000 | Professional Fees |
| $160,000 | Contingency Costs |
| $1,344,475 | Financing/Interest (7.0%) |
| $20,000 | Imputed Administrative Fee (interest free) |
| $3,254,475 | Total TIF Financed Expenditures |
Funding Source & Fiscal Impact Notes:
Funding provided by Homestead Street Project LLC, co-applicant
Recommendations:
Origination Recommendation Action:
Approve