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Posted: April 10, 2025
Rapid City
Agenda Item Summary

Agenda Item Ref. #: 25TI001(a) - Resolution No. 2025-031

Agenda Item Title:

Approve Resolution No. 2025-031, a Resolution Creating Homestead Street Extension Overlay Tax Increment Financing District Number Ninety-Three

Origination Group:
Planning Commission
Origination Meeting Date:
04/10/2025
Stage 2 Group Name:
Legal & Finance Committee
Stage 2 Meeting Date:
04/30/2025
City Council Hearing Date:
04/21/2025
City Council First Reading Date:
05/05/2025
Petitioner:
City of Rapid City
Staff Contact:
Mike Dugan, Tax Increment Finance Planner
Location:
North of Twilight Drive, west of Reservoir Road and east of Elk Vale Road
Agenda Item Summary:
The City of Rapid City has submitted an application for a tax increment financing district (TIFD) with $27,411,469 in proposed project costs. The purpose of the project is to support the construction of a new fire department sub-station with office space for a police precinct, construction and improvements fora new City park and improvements along Homestead Street to the intersection of Elk Vale Road that are within the TIFD boundaries. The capital costs for the improvements along Homestead Street will also include a traffic study to be completed. The proposed costs include improvements and financing for the project. The boundaries of the proposed district will resemble the current boundaries of tax increment financing district #83; with the addition of one parcel. This is allowed under 11-9-6 of the South Dakota Codified Law-“Subject to any agreement with bondholders, a district may overlap with one or more existing districts if the boundaries of the districts are not identical.” On December 2, 2024, the City Council approved an amendment to tax increment financing district #83 that, in part, provided funding for the purchase of 3 vacant lots located within the TIFD #83 boundaries. The lots are shown below as Lot 1, Block 3, Lot 2, Block 3 and Lot 3, Block 3.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

Origination Recommendation Action:
Approve
Origination Recommendation Notes:
1) If the Planning Commission finds that the proposed district meets the intent of SDCL and the City’s Tax Increment Financing Policy, then staff recommends that the Commission recommend approval of the resolution to create a Tax Increment Financing District to the City Council. 2) If the Planning Commission finds the proposed project plan meets the intent of SDCL and the City’s Tax Increment Financing Policy, then staff recommends that the Commission recommend approval of the resolution to adopt a project plan to the City Council with stipulations. Planning Commission Approved Resolution to Create TIFD with Stipulations: 4/10/2025; Planning Commission Approved Resolution to Adopt Project Plan: 4/10/2025
City Council Recommendation Action:
Approve
City Council Recommendation Notes:
City Council Set for Hearing to be heard at the May 5, 2025 City Council Meeting: 4/21/2025; City Council Approved (6-3 with Strommen, Pettigrew, and Seachris voting no): 5/5/2025
Published in 2025 - PL Agenda Items

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