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Posted: February 08, 2024
Rapid City
Agenda Item Summary

Agenda Item Ref. #: Acknowledgment of Termination of Tax Increment District Number 39

Agenda Item Title:

Acknowledgment of Termination of Tax Increment District Number 39

Origination Group:
Planning Commission
Origination Meeting Date:
02/08/2024
Petitioner:
City of Rapid City
Staff Contact:
Sarah Hanzel, Planning Projects Division Manager
Agenda Item Summary:
Tax Increment District #39 - East Rapid Plaza was created in April of 2003 to assist with the development of commercial property located east of Century Road, northwest of East North Street, and south of what is known today as Rushmore Crossing. The Project Plan and its subsequent revisions authorized capital costs for relocation of power lines, extending water and sewer infrastructure, traffic control, and financing costs. It also included oversize and right-of-way costs for 1,300 feet of Anamosa Street. With the exception of a traffic signal and turn lanes on E. North Street, all of the project plan components were completed and certified. This 95 acre District had a base valuation of $1.2 million. The 2022 equalized valuation was $8.3 million. Under SDCL 11-9-25, the duration of allocation may not extend longer than twenty years after the calendar year of creation. As such, this District is no longer active as of December 31, 2023.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

Origination Recommendation Action:
Acknowledge

Attachments & Links to Download:

pdf TID 39 Termination Memo

Published in 2024 - PL Agenda Items

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