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Posted: July 03, 2024
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF071024-08

Agenda Item Title:

Acknowledge 2023 Annual Tax Increment Finance District (TIF) Report

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
07/10/2024
City Council Hearing Date:
07/15/2024
Petitioner:
Finance Department
Staff Contact:
Daniel Ainslie
Location:
Council Chambers
Agenda Item Summary:
Attached for the Council’s review and consideration is the 2023 Year End Tax Increment Finance Report. As of December 31, 2023, the City had 16 active TIFs, of which 9 did not have certified costs. In 2023, 4 TIFs had been dissolved (1 from lack of activity, 1 from expiration of term, 2 from TIF loans being fully repaid). These TIFs added $251.9million to the total assessed valuation in 2024 and will generate approximately $785,800 in additional property tax revenue for the City in 2025.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

Origination Recommendation Action:
Acknowledge

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