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Posted: June 26, 2025
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF070225-16

Agenda Item Title:

Authorize Mayor and Finance Director to Sign Assignment Agreement for Tax Increment Financing District Number Ninety-two with Ennen Development LLC and Black Hills Community Bank N.A.

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:
In September of 2024, Council created Tax Increment Financing District Number 92 and approved an associated Project Plan. In April of 2025, the City and Ennen Development LLC entered into a Contract for Construction of Public Improvements by Private Developer for Tax Increment Financing District Number Ninety-two, which states that Ennen (the TIFD developer) may assign its rights to payment from tax increment funds to its financial institution. In brief, this Agreement provides that the City will make payments out of the TIF 92 fund directly to Black Hills Community Bank, N.A. instead of to Ennen.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

Origination Recommendation Action:
Approve

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