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Posted: October 17, 2025
Rapid City
Agenda Item Summary

Agenda Item Ref. #: CC102025-03.1 - Approve Inclusion of Incentive Package

Agenda Item Title:

Consideration to Approve Inclusion of Incentive Package as recommended by the Opportunity Capture Fund Committee

Origination Group:
City Council
Origination Meeting Date:
10/20/2025
Staff Contact:
Daniel Ainslie
Agenda Item Summary:
At its October 14, 2025 meeting, the Opportunity Capture Fund Committee recommended that the Council authorize an incentive package consisting of: • A workforce development grant of up to $50,000; and • A $250,000 loan with the following terms: o 5-year term o Amortized over 15 years o 5% fixed interest rate o Interest-only payments for the first 6 months o Up to $50,000 forgivable contingent upon successful operations in Rapid City for a minimum of 2 years This incentive will be included in the comprehensive package being assembled by Elevate and presented to the client.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center
Is Funding Budgeted?:
Budgeted

Recommendations:

Origination Recommendation Action:
Approve

Attachments & Links to Download:

  pdf Minutes

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