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Posted: March 06, 2025
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF031225-08

Agenda Item Title:

Approve the Community Investment Committee’s FY25 Additional CDBG Funding Recommendation for $100,000.00 to Black Hills Works, Inc. and $90,000.00 to Dolan Holdings, LLC.

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
03/12/2025
City Council Hearing Date:
03/17/2025
Petitioner:
Finance Office
Staff Contact:
Michelle Schuelke
Location:
Council Chambers
Agenda Item Summary:
Council previously approved a FY25 CDBG allocation of $252,300 to Dakota Dream Development, contingent upon securing Low-Income Housing Tax Credits (LIHTC). Since the project did not receive LIHTC, Council directed that the funds be redistributed to current CDBG-funded projects.

Staff requests Council approval of the Community Investment Committee’s recommendation for FY25 additional CDBG funding: $100,000 to Black Hills Works for its FY24 CDBG-funded project, and $90,000 to Dolan Holdings, LLC for its FY24 CDBG-funded project.

As the actual FY25 CDBG funding amounts from HUD are unknown, the Community Enrichment Division operates on estimates until the official award amounts are announced. Therefore, awarding the full $252,300 to current projects is not advised, as the City cannot guarantee funding amounts until HUD releases the allocation totals and the projects are already underway.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

Origination Recommendation Action:
Approve

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