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Posted: September 26, 2025
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF100125-13

Agenda Item Title:

Authorize Mayor and Finance Director to Sign Assignment Agreement for Tax Increment Financing District Number Ninety-four between SJOZB, LLC, Black Hills Federal Credit Union and the City of Rapid City

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
10/01/2025
City Council Hearing Date:
10/06/2025
Staff Contact:
Daniel Ainslie, Finance Director
Location:
Council Chambers
Agenda Item Summary:
On May 5, 2025, City Council created Tax Increment Financing District Number 94 and approved an associated Project Plan. On July 10, 2025, the City entered into an agreement for public improvements with SJOZB, LLC for TIF District Number 94, which states that the developer may assign its rights to payment for tax increment funds to its bank as security for the developer’s loan. This Assignment Agreement will accomplish this. This Agreement provides that the City will make payments out of the TIF Number 94 fund directly to Black Hills Federal Credit Union instead of to the developer.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

Origination Recommendation Action:
Approve

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