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Posted: July 28, 2023
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF080223-14

Agenda Item Title:

Authorize Mayor and Finance Director to Sign Developer Agreement for TID 89

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
08/02/2023
City Council Hearing Date:
08/07/2023
Staff Contact:
Kinsley Groote
Agenda Item Summary:
The City Council approved TID 89 for the Highpointe North Regional Lift Station on May 22, 2023 by adopting Resolution 2023-034. The City Council also approved the Project Plan at its May 22, 2023 meeting by passing Resolution 2023-035. These resolutions officially went into effect on June 23, 2023. The purpose of the Tax Increment Financing District is to construct a lift station, force main, and gravity sewer line extending to adjacent property. Due to the topography of this area, a regional lift station is necessary to provide sewer service to the future homes located in the Highpointe North development and the land to the east of the Highpointe North development. The areas are unable to gravity flow to manholes located on the existing sewer collection system. The Developer Agreement sets out the terms and conditions under which the Developer will construct the improvements and the City will reimburse the Developer from TID funds.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

Origination Recommendation Action:
Approve

Attachments & Links to Download:

pdf LF080223-14 Signed TID 89 Developer Agreement

pdf LF080223-14 TID 89 Developer Agreement

23TI002 TID Creation Agenda Item

 

 

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