Posted: July 28, 2023
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF080223-15

Agenda Item Title:

Authorize Mayor and Finance Director to Sign Assignment Agreement for Tax Increment Financing District Number Eighty-Nine

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:
On May 22, 2023, Council created Tax Increment Financing District Number 89 and approved an associated Project Plan. The City has an agenda item on this same agenda to enter into an agreement for public improvements with Watershed Development II, LLC for TIF District 89, which states that the developer may assign its rights to payment from tax increment funds to its financial institution as security for developer’s loan. This Assignment Agreement does just that. This Agreement provides that the City will make payments out of the TIF 89 fund directly to Black Hills Community Bank, N.A. instead of to the developer.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

Origination Recommendation Action:
Approve

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