Posted: October 24, 2025
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF102925-10

Agenda Item Title:

Authorize Mayor and Finance Director to Sign Assignment Agreement for Tax Increment Financing District Number Ninety-nine between AMM Rapid City LLC, BCL-CRE LLC and the City of Rapid City

Origination Group:
Legal & Finance Committee
Petitioner:
Finance Office
Staff Contact:
Mike Dugan, Tax Increment Finance Planner
Location:
Council Chambers
Agenda Item Summary:
On August 4, 2025, City Council created Tax Increment Financing District Number 99 and approved an associated Project Plan. On October 8, 2025, the City entered into an agreement for public improvements with AMM Rapid City LLC for TIF District Number 99, 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 99 fund directly to BCL-CRE LLC instead of to the developer.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

Origination Recommendation Action:
Approve

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