Posted: May 23, 2025
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF052825-12

Agenda Item Title:

Approve Administration Agreement with Black Hills Area Community Foundation for the Rapid City Impact Fund

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
05/28/2025
City Council Hearing Date:
06/02/2025
City Council First Reading Date:
06/02/2025
City Council Second Reading Date:
06/16/2025
Petitioner:
Finance Office
Staff Contact:
Daniel Ainslie, Finance Director
Location:
Council Chambers
Agenda Item Summary:
The City Council committed $3 million over the 2025-2029 Vision Fund cycle to establish a new endowment aimed at supporting community-wide capital campaigns that enhance Rapid City's long-term livability. For decades, such projects—including vital community nonprofits—have sought City assistance, often through the five-year Vision Fund process. To create a stable, permanent funding source unaffected by municipal financial fluctuations, the City is establishing this endowment, which will also offer the public a matching contribution opportunity.

On December 27, 2024, the City issued a Request for Proposals for fund administration services. Two highly qualified administrators responded, and a review team comprising Council members and staff evaluated their proposals and conducted interviews. The Committee has recommended selecting the Black Hills Area Community Foundation to administer the endowment.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center
Is Funding Budgeted?:
Budgeted

Recommendations:

Origination Recommendation Action:
Approve

Attachments & Links to Download:

LF052825-12 Agreement RCImpact FINAL DRAFT

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