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Posted: July 21, 2022
Rapid City
Agenda Item Summary

Agenda Item Ref. #: 16TI004 - Section 9, T1N, R8E

Agenda Item Title:

16TI004 - Resolution to Dissolve Tax Increment District #78

Origination Group:
Planning Commission
Origination Meeting Date:
07/21/2022
Stage 2 Group Name:
Legal & Finance Committee
Stage 2 Meeting Date:
07/27/2022
City Council Hearing Date:
08/01/2022
Petitioner:
City of Rapid City
Staff Contact:
Sarah Hanzel, Planning Projects Division Manager
Location:
: East and west of Elk Vale Road between E. Highway 44 and the current terminus of East Fairmont Street
Agenda Item Summary:
The Rapid City Council approved Resolution 2015-055 to create the TID #78 Unnamed Tributary in October of 2016. The purpose of the district was to fund improvements in the Orchard Meadows Subdivision including channel construction, traffic signal, a lift station, professional service costs, and financing costs. Amendments to the Project Plan were made in 2019 and 2020. The first amendment reallocated project costs and the second amendment revised the Project Plan to include a lift station instead of a gravity sewer main. The Tax Increment District had an assessed base valuation of $6,310,400. The 2021 assessed valuation of the District was $46,882,011. In 2021 the tax revenues were $587,515, with the City’s portion being approximately 16%. The City Finance Office indicates that all expenditures have been certified in accordance with the adopted Project Plan and all revenues received have been paid. In accordance with SDCL 11-9-46, the City is required to officially dissolve this Tax Increment District.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

Origination Recommendation Action:
Approve
Published in 2022 - PL Agenda Items
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