Posted: August 19, 2020
Rapid City
Agenda Item Summary

Agenda Item Ref. #: 20TIF005 - Homestead Street Extension

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

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