Posted: June 26, 2025
Rapid City
Agenda Item Summary

Agenda Item Ref. #: 25TI006 – Rapid City Catalyst District

Agenda Item Title:

25TI006 – Resolution 2025-071 to Create Tax Increment Financing District for Rapid City Catalyst District

Origination Group:
Planning Commission
Origination Meeting Date:
06/26/2025
Stage 2 Group Name:
Legal & Finance Committee
Stage 2 Meeting Date:
07/02/2025
City Council Hearing Date:
07/07/2025
Petitioner:
City of Rapid City
Staff Contact:
Mike Dugan, Tax Increment Finance Planner
Location:
Various areas throughout Rapid City
Agenda Item Summary:
The City of Rapid City has submitted an application to create a new Tax Increment Financing District. This request is only to create the district boundary. The resolution to adopt a project plan will be presented at a later date. This proposed district will be set up to assist in the funding of public improvements necessary to stimulate the economic growth of the district and the greater community. These improvements will likely include: Municipal utility improvements (water, sewer, storm water), roadway improvements (street reconstruction, signalization, road configuration), and recreational enhancements (indoor sports fieldhouse, Vision Fund projects.) Approval of the district now would set the base valuation before Black Hills Energy starts construction on a new power generation facility. The City is currently working with two large developments within the proposed district that will necessitate some of the public improvements and would generate property tax increment to provide funding for the various projects that will be included in the project plan. The project will be developed once greater clarity is obtained as to the final developments that will be included within the district.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

Origination Recommendation Action:
Approve

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