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Posted: October 29, 2025
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF102925-11- 25TI019 - Resolution 2025-118

Agenda Item Title:

25TI019 - Resolution for Amendment #3 to Project Plan for TIFD No. 84 - East Anamosa Street Water Main Extension

Origination Group:
Planning Commission
Origination Meeting Date:
10/23/2025
Stage 2 Group Name:
Legal & Finance Committee
Stage 2 Meeting Date:
10/29/2025
City Council Hearing Date:
11/03/2025
Petitioner:
Dream Design International, Inc for Yasmeen Dream, LLC
Staff Contact:
Mike Dugan, Tax Increment Finance Planner
Location:
East of E North Street, north of SD Highway 44, west of Elk Vale and south of Eglin Street
Agenda Item Summary:
This TIFD was originally approved January 4, 2021. The original approval included $15,763,516.60 in capital costs, $2,565,106.13 in design/construction, administration & contingency costs, and $7,650,000 for interest expense. Total of $25,978,622.73. The purpose of this TIFD is to assist in the development of commercial, industrial and residential property located between E North Street & Elk Vale Road and N of Omaha Street (SD Highway 44.) Amendment #1 to the project plan was approved by City Council on November 6, 2023. Amendment #1 reallocated funds from Phase I, Phase II, and contingency costs in order to reconcile COVID supply chain challenges, unanticipated financing costs, and project costs to construct a regional booster station. Increase total project costs by 34.6% to a total of $34,970,248.01. Additionally, the amendment introduced the City as “Developer 2”, which will up front the costs of the booster station in Phase 1A and be reimbursed for such costs from the TIF fund. Amendment #2 to the project plan was approved September 3, 2024 by the City Council. This amendment allowed all grading costs associated with N. Valley Drive; striking out only costs up to 300 feet from the center line detailed on page 6 of the project plan. The total grading costs for N. Valley Drive remain the same not to exceed $1,047,900. Proposed Amendment #3 to the project plan will reallocate unused project costs in order to extend Homestead Street to Valley Drive and construct regional drainage improvements. These improvements will include grading as indicated in the grading boundary, all utilities along Homestead Street, all pavement improvements for Homestead Street including asphalt, curb & gutter, all utility and street light conduit, and construction of a detention pond (221.) The detention pond is needed to protect downstream drainage improvements in the Purine drainage basin. Total cost of the improvements is $1,750,000. No new funds. The TIFD is classified as Economic Development. The TIFD will support expanded economic growth, improved local infrastructure and increased housing.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

Origination Recommendation Action:
Approve
Origination Recommendation Notes:
If the Planning Commission finds the proposed Amendment #3 to the Project Plan meets the intent of SDCL and the City’s Tax Increment Financing Policy, then staff recommends that the Planning Commission recommend approval of the resolution to adopt Amendment #3 to the Project Plan to the City Council. Approved: 10/23/2025
Published in 2025 - PL Agenda Items

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