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Posted: April 21, 2023
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF042623 13

Agenda Item Title:

Authorize Mayor and Finance Director to Sign First Amendment to Contract for Construction of Public Improvements through Private Developer Tax Increment District Number Eighty

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
04/26/2023
City Council Hearing Date:
05/01/2023
Staff Contact:
Kinsley Groote, Assistant City Attorney
Agenda Item Summary:
Tax Increment Financing District Number Eighty was created in December of 2017. In March of 2018, the City and The North Atlantic Developers, LLC (“Developer”) entered into a Contract for Construction of Public Improvements Through Private Developer Tax Increment District Number Eighty. After the City entered into this TIF agreement with Developer, the City started adding a standard clause to TIF agreements that allows the City’s Community Development Director to approve of the allocation or reallocation of contingency fees to capital costs or professional service fees. This First Amendment adds that standard provision into the TIF 80 Contract for Construction.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center
N/A

Recommendations:

Origination Recommendation Action:
Approve
Published in 2023 - LF Agenda Items

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