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Posted: April 10, 2025
Rapid City
Agenda Item Summary

Agenda Item Ref. #: 25TI002(a) - Resolution No. 2025-033

Agenda Item Title:

Approve Resolution No. 2025-033, a Resolution Creating Inovation Innovation Corridor Tax Increment Financing District Number Ninety-Four

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:
SJOZB, LLC for Todd Gagne
Staff Contact:
Mike Dugan, Tax Increment Finance Planner
Location:
416, 406 and 402 Saint Joseph Street
Agenda Item Summary:
The applicant has submitted an application for a Tax Increment Financing District (TIFD) with $2,531,518in proposed project costs. The purpose of the project is to provide both office and commercial space for new employment in the downtown innovation corridor, as well as an infill project that is designed for a downtown work and life experience to enhance the experience for residents desiring to live downtown. The proposed Phase I development includes an approximate 13,000 square foot three story building with an approximate 5,100 square foot taproom/brewpub on the first floor. The second floor offers approximately 4,000 square feet of office space supporting economic development in the innovation corridor. The third floor includes three apartments with a total square footage of 4,000. There will be over 1,800 square feet of patio space and an adjacent green space (nearly 5,000 square feet) that connects Phase I to a second building and parking in Phase II. The proposed Phase II development is a four or five floor mixed use building with office space for professional businesses; ideally Wildfire Labs expansion or a growing company in our region. The potential four additional floors would offer apartment living in the heart of downtown Rapid City creating a walkable and desirable live, work, play experience for professionals in the community. The proposed Phase II would include parking under the building and additional green space and outdoor space.

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:
Set for Hearing to be heard at the May 5, 2025 City Council Meeting: 4/21/2025; City Council Approved (8-2 with Strommen and Pettigrew voting no): 5/5/2025
Published in 2025 - PL Agenda Items

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