Posted: September 29, 2021
Rapid City
Agenda Item Summary

Agenda Item Ref. #: 21TI002 - Tower Road TID No. 47

Agenda Item Title:

21TI002 - Reallocation of Projects Plan Costs for Tower Road TID No. 47

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:
Brian E. Bangs Skyline Pines East, LLLP for Bruce E. Schreiner Skyline Pines East, LLLP
Staff Contact:
Sarah Hanzel, Planning Projects Division Manager
Location:
Tower Road west of U.S. Highway 16
Agenda Item Summary:
Tax Increment District (TID) #47, Tower Road, was created in October of 2004 in order to assist in the development of a 122 acre area located adjacent to Tower Road. The Project Plan was adopted in April of 2006 and included Capital Costs, Professional Service Costs, Financing Costs, and Necessary and Convenient Costs totaling $4,894,289.47. Tax Increment Funds were used to pay for the reconstruction of Tower Road. Project Plan Amendments were approved in November of 2007 and October of 2009 to account for line item changes to the Project Plan. The Tax Increment District is in the certification process and requires a third, final amendment, in order to account for the realized certified expenses associated with the project. The total project costs will not be changed with the proposed amendment.

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

Login Form

Joomla! Debug Console

Session

Profile Information

Memory Usage

Database Queries