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Committee approves reclassification of TIF 92; school levies to be made whole locally
Summary
The Legal and Finance Committee approved an amendment to Tax Increment District (TID) 92 that reclassifies the district from "affordable housing" to "local," shifting some school revenue make‑whole responsibilities to local taxpayers in the Rapid City School District area.
The Legal and Finance Committee on Feb. 12 approved a resolution to amend the project plan for Tax Increment District (TID) 92, changing the district classification from "affordable housing" to "local." The change alters how incremental tax revenue will be calculated and how school district levies will be made whole.
The amendment affects property generally described as east of Elkvale Road, north of Homestead Street and west of Enon Drive. Director Ben Fisher, community development, said the amendment is needed because the mix and pricing of planned residences has changed and the TIF now includes infrastructure costs outside the original development footprint, including completing a portion of…
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