Posted: August 12, 2021
Rapid City
Agenda Item Summary

Agenda Item Ref. #: 21TIF002 - TID #47 – Tower Road – Amendment #3 (04TI007)

Agenda Item Title:

21TIF002 - TID #47 – Tower Road – Amendment #3 (04TI007)

Origination Group:
TIF District Review Committee
Origination Meeting Date:
08/18/2021
Petitioner:
City of Rapid City
Staff Contact:
Sarah Hanzel
Agenda Item Summary:
Tax Increment District (TID) 47, Tower Road, was created in October of 2004 in order to assist in the development of a 122 acre area located adjacent to Tower Road. The Tax Increment District is in the certification process and requires a third, final amendment, in order to account for the realized certified expenses associated with the project. The total project costs will not be changed with the proposed amendment. The proposed reallocation will move $169,242.06 from Capital Expenses to Interest/Financing for a total of$1,171,693.53. Please note this change is less than the amount of Interest/Financing provided in the original Project Plan, which was $1,414,632.47.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

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