Posted: July 16, 2024
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF073124-06

Agenda Item Title:

Approve Resolution No. 2024-050, a Resolution Dissolving Tax Increment District No. Sixty-Four

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
07/31/2024
City Council Hearing Date:
08/05/2024
Petitioner:
Finance Department
Staff Contact:
Mike Dugan
Location:
Council Chambers
Agenda Item Summary:
TID 64 was created August 6, 2007 to assist the City in creating economic development incentives to attract Cabela’s; a destination retail facility. The Tax Increment funds were utilized for real property assembly costs, public lift station improvements and other necessary and convenient costs. The assessed base valuation was $8,730,800. The valuation as of 12/31/2023 was $105,758,457. All certified costs have been paid in full from the increment fund and the TID must be dissolved pursuant to State Codified Law 11-9-46.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

Origination Recommendation Action:
Approve

Attachments & Links to Download:

LF073124-06 Resolution 2024 050

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