Posted: July 10, 2025
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF071625-09 - 25TI007 - Resolution No. 2025-075

Agenda Item Title:

LF07162509- 25TI007 - Resolution No. 2025-075 Creating Tax Increment Financing District for Sun Ridge Senior Affordable Housing District

Origination Group:
Planning Commission
Origination Meeting Date:
07/10/2025
Stage 2 Group Name:
Legal & Finance Committee
Stage 2 Meeting Date:
07/16/2025
City Council Hearing Date:
07/21/2025
Petitioner:
Blueline Development, Inc for Sun Ridge Apartments, LLLP
Staff Contact:
Mike Dugan, Tax Increment Finance Planner
Location:
Sun Ridge Senior Affordable Housing District
Agenda Item Summary:
The applicant has submitted an application for a Tax Increment Financing District (TIFD) with $4,635,600 in proposed project costs; including financing. The purpose of the TIFD is to create a financing source for site improvements that would otherwise be infeasible through conventional debt sources. The TIF financing structure will allow the developer to construct 38 units of senior affordable housing and commit to maintaining long-term affordability. The developer is committed to maintaining affordability for at least 40 years. The development will be located at a vacant lot on the 300 block of North Street. The improvements are expected to be completed by November 2026.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

Origination Recommendation Action:
Approve
Origination Recommendation Notes:
Planning Commission recommended approval the Resolution 2025-075 Creating Tax Increment Financing District for Sun Ridge Senior Affordable Housing District (6-2): 7/10/2025
City Council Recommendation Action:
Approve
City Council Recommendation Notes:
City Council Approved the Resolution 2025-075 Creating Tax Increment Financing District for Sun Ridge Senior Affordable Housing District (7-2-1): 7/21/2025

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