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Posted: March 06, 2025
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF031225-13

Agenda Item Title:

Resolution No. 2025-023, a Resolution to Approve the Creation by Pennington County of a Tax Increment Financing District (TIFD #7) within the City of Rapid City Pursuant to SDCL 11-9-8

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
03/12/2025
City Council Hearing Date:
03/17/2025
Petitioner:
Finance Office
Staff Contact:
Mike Dugan
Location:
Council Chambers
Agenda Item Summary:
Pennington County is requesting approval to create a new tax increment financing district (TIFD) that will include property within City limits. The TIFD will be created for the construction of 144 market rate apartments. This TIFD will be classified as a Local District. Staff from the City of Rapid City and Pennington County meet together to discuss the creation of this new TIFD. After discussing, it was determined that the County should process the application. This is for the benefit of the residents of the community. The apartments will be constructed within City limits with additional County improvements that will be outside of City limits. Per a traffic study, a traffic signal needs to be added at the intersection of Twilight Drive and Concourse Drive. This intersection is located within the County and would need to be annexed into the City pursuant to SDCL 11-9. The County will also be using the additional increment from the project to make drainage improvements along Jolly Lane that are needed outside of City limits. A map of the boundary and improvement’s is attached. This project is a great example of staff from the City of Rapid City and Pennington County working together for the betterment of the community.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

Origination Recommendation Action:
Approve
Origination Recommendation Notes:
Action: Approve resolution to approve the creation by Pennington County of a Tax Increment Financing District (TIFD) #7 within the City of Rapid City pursuant to SDCL 11-9-8

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