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Council acknowledges draft TIF policy, directs staff to renegotiate county payment timing
Summary
Rapid City council acknowledged a revised draft tax increment financing (TIF) policy and unanimously directed city staff to ask the county to remove a 90-day payment timing requirement for a $15,000 county fee.
The Rapid City Council on Tuesday acknowledged a revised draft tax increment financing (TIF) policy and unanimously directed city staff to return to the county to renegotiate a county-imposed requirement that a $15,000 fee be paid within 90 days of a TIF district’s approval.
Councilors discussed several clarifications they want incorporated into the TIF policy before it returns for formal readings, including inserting a definition of “infill” and correcting language that said the Wall Street Journal “sets” the prime rate; councilors…
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