Posted: April 24, 2025
Rapid City
Agenda Item Summary

Agenda Item Ref. #: 25TI004 - City Bloc TIFD #96

Agenda Item Title:

25TI004 - Resolution to Create Tax Increment Financing District and Resolution to Adopt Project Plan TIFD #96

Origination Group:
Planning Commission
Origination Meeting Date:
04/24/2025
Stage 2 Group Name:
Legal & Finance Committee
Stage 2 Meeting Date:
04/30/2025
City Council Hearing Date:
05/05/2025
Petitioner:
Timothy Sauder
Staff Contact:
Mike Dugan, Tax Increment Finance Planner
Location:
1840 Fountain Springs Square
Agenda Item Summary:
This request was recommended by the Opportunity Capture Fund Committee for tax increment financing. The applicants for City Bloc are requesting a grant in the amount of $300,000 as a funding source to construct a 18,685 square foot indoor full service facility that provides roped climbing routes up to 47 feet high, lead climbing, top rope climbing, auto belays, bouldering (short climbing without ropes), climbing classes, rope and advanced skills education, youth and adult climbing leagues and competitive teams, a weights and fitness room, group fitness classes, café, retail, sauna, and cold plunge. As a full service roped gym they will be qualified to host regional climbing competitions as the facility can accommodate lead and top rope climbing; as well as bouldering. The total cost to construct the facility is estimated at $6,321,753. This includes land, construction of the facility, design and consultation, FF&E and development costs. The total request is for $472,009; which includes financing and administrative costs. The applicant’s estimate that the facility will provide and additional $65,000 per year in property tax revenue and $91,000 per year in sales tax revenue. The facility is expected to employ 4 full-time employees and 4 part-time employees.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

Origination Recommendation Notes:
Planning Commission Denied Resolution 2025-040 to Create TIFD: 4/24/2025 (6-1); Denied Resolution 2025-041 to Adopt Project Plan #96 w/stips: 4/24/2025 (6-1)

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