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Posted: June 26, 2025
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF073025-03

Agenda Item Title:

Acknowledge Opportunity Capture Fund Minutes and Authorize Expenditures

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
07/30/2025
City Council Hearing Date:
08/04/2025
Staff Contact:
Daniel Ainslie, Finance Director
Location:
Council Chambers
Agenda Item Summary:
On June 11, 2025, the Opportunity Capture Fund (OCF) Committee met to consider one request (minutes attached). The new project would construct an approximate 18,000 climbing facility. Given the new amenity and the return on investment the OCF recommended providing a $300,000 payment to Elevate. Elevate would hold the funds in escrow and return the funds after five years. This will provide a greater equity position for the project allowing it to receive the debt financing it has received.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center
Is Funding Budgeted?:
Budgeted

Recommendations:

Origination Recommendation Action:
Approve

Attachments & Links to Download:

pdf LF073025-03 Minutes 06112025 summary

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