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Posted: December 27, 2024
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF123124-02

Agenda Item Title:

Acknowledge Opportunity Capture Fund Minutes and Authorize Expenditures

Origination Group:
Legal & Finance Committee
City Council Hearing Date:
01/06/2025
Staff Contact:
Daniel Ainslie
Location:
Council Chambers
Agenda Item Summary:
On November 5, 2024, the Opportunity Capture Fund (OCF) Committee met to consider three requests which were presented by Elevate Rapid City (minutes attached).

The Committee reviewed the request by Project Bowfin. The established company is seeking to construct a new facility which will house their existing workforce and provide space for 35-40 new employees. The firm is asking for a $50,000 incentive which is similar to other states where it operates. The OCF recommended a TIF be proposed and if the applicant did not proceed with a TIF then the OCF should provide a $50,000 grant and the City should seek a TIF to repay the fund. The applicant is seeking a $50,000 grant in lieu of the TIF.

Secondly, the Committee recommended that the City amend the TIF policy to allow for incentives for retail and commercial projects and that the City approve a TIF in the amount of $200,000 to assist in the development of the climbing facility. Lastly, the OCF Committee recommended a $200,000 matching grant to IMP for their expansion efforts.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

Origination Recommendation Action:
Acknowledge
Origination Recommendation Notes:
Approve a $50,000 grant for Project Bowfin, approve a $200,000 matching grant for IMP, and lastly direct staff to amend the TIF Policy and work to establish a TIF for the climbing facility.
Published in 2024 - LF Agenda Items
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