Print this page
Posted: June 26, 2025
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF070225-15

Agenda Item Title:

Authorize Mayor and Finance Director to Sign Development Agreement for Tax Increment Financing District Number Ninety-four with SJOZB, LLC

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:
This TIFD was originally approved by City Council on 05/05/2025. The purpose of the project is to provide office & commercial space, rental apartments, on-site parking and green space in downtown Rapid City. The total approved TIFD was in the amount of $2,531,518; of which $1,091,518 is for financing. The total cost of construction is estimated at $12,736,000. The TIFD is estimated to be paid in full by 2039.

The developer agreement will set forth the mutual responsibilities of both the City of Rapid and the developer. Exhibit A of the developer agreement outlines the improvements that need to be completed in order to certify the TIFD. There is also a Declaration of Restrictive Covenant Regarding Green Space stating the developer agrees not to develop or build any permanent structure for residential or commercial occupancy within the area dedicated to green space as part of that Contract for Tax Increment Financing District Number 94 for 20 years.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

Origination Recommendation Action:
Approve

Joomla! Debug Console

Session

Profile Information

Memory Usage

Database Queries