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Posted: March 06, 2025
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF031225-14 - Acknowledge the 2024 Annual TIFD Report

Agenda Item Title:

LF031225-14 - Acknowledge the 2024 Annual TIFD Report

Origination Group:
Planning Commission
Origination Meeting Date:
03/06/2025
Stage 2 Group Name:
Legal & Finance Committee
Stage 2 Meeting Date:
03/12/2025
City Council Hearing Date:
03/17/2025
Petitioner:
City of Rapid City
Staff Contact:
Mike Dugan, Tax Increment Finance Planner
Agenda Item Summary:
Attached for review and consideration is the annual 2024 TIFD report. As of December 31, 2024, the City had 16 active TIFD’s. The Camden Heights Affordable Housing/Infrastructure #91 and the Ennen Housing Development #92 were both approved in 2024. The East Anamosa Water Extension #84 was certified in the amount of $12,861,362 and is now in repayment. Tower Road #47 and Orchard Meadows #82 were paid in full and dissolved. The original base valuation of these two TIFD’s was $42,065,100. The 12/31/2024 equalized valuation per the State of the two dissolved TIFD’s was $126,204,790; a gain of $84,139,690 in valuation. The current TIFD assessed base valuation percent of the total Rapid City taxable valuation is 1.48%. A max of 10% of total valuation is allowable.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

Origination Recommendation Action:
Acknowledge
Origination Recommendation Notes:
Planning Commission acknowledged the 2024 Annual Tax Increment Financing District (TIFD) Report: 3/6/2025

Attachments & Links to Download:

2024 Annual TIFD Report Final

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