Posted: September 29, 2021
Rapid City
Agenda Item Summary

Agenda Item Ref. #: 21TI001 - Minnesota Street TID No. 65

Agenda Item Title:

21TI001 - Reallocation of Project Plan Costs for Minnesota Street TID No. 65

Origination Group:
Planning Commission
Origination Meeting Date:
09/09/2021
Stage 2 Group Name:
Legal & Finance Committee
Stage 2 Meeting Date:
09/29/2021
City Council Hearing Date:
09/20/2021
City Council First Reading Date:
10/04/2021
Petitioner:
KTM Design Solutions, Inc for SSST, LLC and Zandstra Real Estate Holdings, LLC
Staff Contact:
Sarah Hanzel, Planning Projects Division Manager
Location:
South and west of Elks Country Estates and east of Elk Vale Road
Agenda Item Summary:
The Project Plan for Tax Increment District #65 was approved on September 4, 2007, and was created to assist two developers in the development of property adjacent to Plum Creek Subdivision and Elks Country Estates by extending Minnesota Street along the southern boundary of Plum Creek Subdivision and Elks Country Estates from Elk Vale Road to east of Jolly Lane. TIF funds were identified for the extension of Minnesota Street, grading, storm sewer, underground utilities, a traffic signal, a regional drainage facility, and an irrigation pipe. The original project plan was amended on November 15, 2018. Both Developer I and Developer II are requesting a cost reallocation to adjust the funding proposal to coincide with costs submitted for certification of the associated project plan line items

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

Origination Recommendation Action:
Approve
Origination Recommendation Notes:
Planning Commission recommended to approve: 9/9/2021; Legal Finance Committee approved: 9/29/2021
City Council Recommendation Notes:
Set for Hearing to be heard at 10/4/2021 City Council meeting: 9/20/2021; City Council approved: 10/4/2021

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