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Posted: October 03, 2016
Rapid City
Agenda Item Summary

Agenda Item Ref. #: 16TI003 - Highway 16 Sewer

Agenda Item Title:

16TI003 - Amend Project Plan for Tax Increment District No. 70 - Highway 16 Sewer (11TI003)

Origination Group:
Planning Commission
Origination Meeting Date:
05/26/2016
Stage 2 Group Name:
Legal & Finance Committee
Stage 2 Meeting Date:
07/13/2016
City Council Hearing Date:
06/06/2016
City Council First Reading Date:
10/03/2016
Petitioner:
Kent Hagg for Alta Terra Development
Staff Contact:
Patsy Horton, Long Range Planning Manager
Location:
Catron Boulevard from 5th Street to South U.S. Highway 16, then south along U.S. Highway 16 to Sammis Trail and east to the proposed Hyland Crossing Subdivision
Agenda Item Summary:
The creation of TID #70 was approved on September 15, 2008. The Project Plan was approved on February 6, 2012. The purpose of the Tax Increment District was to assist in the development of commercial property located along South US Highway 16 and Moon Meadows Drive through the development of public infrastructure improvements. The Tax Increment Funds were identified to construct a sanitary sewer main, turn lanes, Moon Meadows Drive, water main at South US Hwy 16 crossing, a traffic signal, engineering and contingency costs. The Project Plan is funded by the developer. On July 11, 2016, the applicant amended the request to only reallocate Capital Costs, Professional Costs, Financing Costs, Contingency Costs, and Necessary and Convenient Costs in order to reconcile the approved project costs with the anticipated expenditures.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center
Funding Source & Fiscal Impact Notes:
The Project Plan will be financed by the applicant, with reimbursement by the incremental tax revenues generated within the District.

Recommendations:

Origination Recommendation Action:
Approve
Origination Recommendation Notes:
Notes: TIF Committee denied request on 3/29/16; Planning Commission overturned TIF denial: 5/26/2016; Legal and Finance Committee continued to 7/13/2016: 6/15/2016; Legal and Finance Committee voted to send forward to City Council without recommendation: 7/13/2016 OPTIONS: To approve as presented, approve in part; approve with changes; deny
City Council Recommendation Action:
Approve
City Council Recommendation Notes:
City Council voted to approve Set for Hearing date of 6/20/2016 - Voting 8-1 with Laurenti voting no. City Council continued for hearing to 7/18/2016: 6/20/2016; City Council continued for hearing to 8/1/2016: 7/18/2016; City Council continued for hearing to 8/15/2016: 8/1/2016: City Council continued for hearing to 9/19/2016: 8/15/2016; City Council continued for hearing to 10/3/2016: 9/19/2016; City Council approved (8-2): 10/3/2016

Attachments & Links to Download:

8-30-2016 Updated Links:

pdf 16TI003 Staff pro forma Revenues 8 30 2016  pdf 16TI003 TID 70 Equalization data 8 30 2016  pdf 16TI003 TID 70 Loan Amortizations 8 30 2016 v2  pdf 16TI003 TID 76 Loan Amortizations 8 30 2016 v2  pdf 16TI003 TID 77 Loan Amortizations 8 30 2016 v2

7-15-2016 Updated Links:

pdf 16TI003 Project Cost Proposal 7 12 2016  pdf 16TI003 Staff pro forma Revenues 7 15 2016  pdf 16TI003 TID 70 Payoff Estimate 7 15 2016  pdf 16TI003 Buffalo Crossing Payoff Revised 7 15 2016  pdf 16TI003 BHC Payoff Revised 7 15 2016  pdf 16TI003 Interest Summary 7 15 2016 

7-12-2016 Updated Links:

pdf 16TI003 Project Cost Proposal 72016  pdf 16TI003 TID 70 Payoff Estimate 72016 2  pdf 16TI003 Buffalo Crossing Payoff Revised 7 13 16  pdf 16TI003 BHC Payoff Revised 7 13 16  pdf 16TI003 Interest Summary  pdf 16TI003 Staff pro forma 72016

TID 70 Amendment Proposal - Attachments & Links

pdf 16ti003 Staff Report  pdf 16TI003 TID 70 Amend #1 Project Plan  pdf 16TI003 TID 70 Amend #1 Project Cost Reallocation Spreadsheet 

pdf 16TI003 TID 70 Vicinity Map  pdf 16TI003 TID 70 Aerial Photo  pdf 16TI003 TID 70 Boundary Map  pdf 16TI003 TID 70 Zoning Map 

pdf 16TI003 TID 70 Existing Use Map  pdf 16TI003 TID 70 Amended Public Improvements Map

pdf 16TI003 TID 70 Revenue Projections  pdf 16TI003 TID 70 Amortization Schedule 

pdf 16TI003 TID 70 Amendment #1 Preliminary Review  pdf TIF Committee Minutes 20160329  pdf 16ti003 Appeal of TIF Committee 2016329 Decision

TID 70, Amendment #1 Application Information - Attachment & Links

pdf 16TI003 Alta Terra Application  pdf 16TI003 Alta Terra Improvements Map  pdf 16TI003 Alta Terra Amended Project Costs

pdf 16TI003 Alta Terra Detention Pond Data  pdf 16TI003 Alta Terra Apartment Master Plan  pdf 16TI003 Alta Terra Pro Forma

TID 70, Approved 9/18/2008 - Attachment & Links

pdf 11TI003 TID 70 Project Plan  pdf 11TI003 TID 70 Public Improvements Map

Other Resources - Attachments & Links

pdf Rapid City TIF Guidelines  pdf SDCL11 9 Tax Increment Financing  pdf SDCL11 9 23 Base Valuation Redetermination

pdf 2015 Rapid City Tax Valuation Spreadsheet  pdf TID 76 Buffalo Crossing Revenue Projections  pdf TID 76 Buffalo Crossing Amortization Schedule

pdf TID 77 BHC Revenue Projections  pdf TID 77 BHC Amortization Schedule  pdf TID41 Project Cost Amendments

 

 

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