Posted: January 23, 2025
Rapid City
Agenda Item Summary

Agenda Item Ref. #: 24TI007 - Tax Increment District No. 92 - Ennen Development

Agenda Item Title:

24TI007 - Amendment No. 1 to the Project Plan for Tax Increment District No. 92 - Ennen Development

Origination Group:
Planning Commission
Origination Meeting Date:
01/23/2025
Stage 2 Group Name:
Legal & Finance Committee
Stage 2 Meeting Date:
02/12/2025
City Council Hearing Date:
02/03/2025
City Council First Reading Date:
02/18/2025
Petitioner:
Tobin Morris for Jim Scull
Staff Contact:
Mike Dugan, Tax Increment Finance Planner
Location:
East of Elk Vale Road, north of Homestead Street and west of Ennen Drive
Agenda Item Summary:
The amendment is to change the TIF classification from Affordable Housing to Local. Of the 211 single-family homes that will be built within the TID boundaries, the 55 homes on the W. side of Reservoir Rd. will exceed the first time home buyers purchase price. The remaining 156 homes that are developer controlled will still be under the first time home buyers purchase price of $385,000 currently set by the state. The 55 homes that exceed the limit need to be included within the boundary to ensure the TID pays back within the 20 year limit. There is a cost to the Rapid City Area School District residents that is outlined in the attached presentation when changing the classification to a Local TID.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

Origination Recommendation Action:
Approve
Origination Recommendation Notes:
Planning Commission Approved: 1/23/2025
City Council Recommendation Action:
Approve
City Council Recommendation Notes:
City Council Set for Hearing: 2/3/2025; City Council Approved: 2/18/2025

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