Posted: December 23, 2021
Rapid City
Agenda Item Summary

Agenda Item Ref. #: 21TIF004 – Proposed Tax Increment District for Block 5 Project

Agenda Item Title:

21TIF004 – Proposed Tax Increment District for Block 5 Project

Origination Group:
TIF District Review Committee
Origination Meeting Date:
01/05/2022
Petitioner:
Block 5, LLC
Staff Contact:
Sarah Hanzel
Location:
525 Saint Joseph Street
Agenda Item Summary:
The proposed Block 5 project is a mixed-use development focused on the prominent corner of 6th Street and Saint Joseph Street in downtown Rapid City. The Project includes a mix of commercial space, residential units, and hotel components to bring excitement and activity to an underutilized site currently used as a surface parking lot. The purpose of the proposed district is to encourage redevelopment, stimulate economic growth, and stimulate private investment leading to significant additional tax revenues in the long-term.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

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