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Posted: February 09, 2023
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF021523 12

Agenda Item Title:

Authorize Mayor and Interim Finance Director to Sign Developer Agreement for TIF 87

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
02/15/2023
City Council Hearing Date:
02/21/2023
Staff Contact:
Kinsley Groote, Assistant City Attorney
Agenda Item Summary:
TIF 87 was officially created by Resolution 2022-081, which was passed by the City Council on November 21, 2022. The City Council also approved the Project Plan at its November 21, 2022 meeting by passing Resolution 2022-082. The purpose of this Tax Increment Financing District is to extend sewer mains north of Seger Drive to the Dakota Fields Soccer Complex and west of N. Elk Vale Road. The TIF Developer’s Agreement sets out the terms and conditions under which the Developer will construct the improvements and the City will reimburse the Developer from TIF funds.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

Origination Recommendation Action:
Approve

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