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Posted: June 26, 2025
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF070225-04 - 24TI005

Agenda Item Title:

Authorize Mayor and Finance Director to Sign Purchase Agreement in the Amount of $1,185,000 between City of Rapid City and DTH, L.L.C. and Other Closing documents and Authorize the Finance Director to Accept the Deed for Lot 1 and Lot 2 of Block 3, Homestead Vista Subdivision, City of Rapid City, Pennington County, South Dakota

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
07/02/2025
City Council Hearing Date:
07/07/2025
Staff Contact:
Mike Dugan & Kinsley Groote
Location:
Council Chambers
Agenda Item Summary:
On December 2, 2024, the City Council voted 9-0 to approve the Resolution for Amendment #1 to the TID No. 83 Project Plan for the Homestead Street Extension. This Amendment was based upon the premise that the City would purchase lots from DTH, L.L.C. for an appraised value of $1,185,000. The lots will be used for a future Rapid City Fire Department and Police Department station as well as a City park. The City’s costs to purchase these lots will eventually be reimbursed by tax increment financing funds from the TID No. 83 fund. Please see pages 13-18 of the document entitled TID 83 Project Plan with Amendment 1 for a more detailed explanation.

This agenda item is the purchase agreement for the City’s purchase of such lots. This item also includes authorization to execute necessary closing documents and accept the warranty deed for such lots.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center
TIF 83 424
Is Funding Budgeted?:
Budgeted

Recommendations:

Origination Recommendation Action:
Approve
Published in 2025 - LF Agenda Items
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