Planning commission backs Homestead-area TIF overlay to fund fire station and park

Rapid City Planning Commission members voted April 10 to recommend creation of a tax increment financing district that would overlay the existing Homestead Street extension district (TIF 83) and to recommend adoption of a related project plan to the City Council.

The measure, presented by Mike Dugan, finance, would allocate funds from the proposed district to build a Rapid City fire substation with limited Rapid City Police office space, construct a new city park and reserve money for possible Homestead Street intersection improvements. "Today we're going to discuss, a new proposed tax increment financing district that would overlay the current, Homestead Street ex extension district, TIF 83," Dugan said during the presentation.

The proposal would re-use part of the existing TIF geography and add a new local district intended to capture increment from future development in the area. City staff described eligible project costs of "a little over $27,000,000" that would cover the fire station, police space, park and discretionary Homestead improvements; the presentation allocated about $7,000,000 toward the station and police space and $2,000,000 to the park. Staff also said $584,000 of…