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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 asked the policy to say the Wall Street Journal publishes the prime rate instead.
Councilor Stroman said he would like the policy to include a definition of infill so developers would be clear whether a site qualifies. “For clarity's sake, there should be a definition of infill in there,” Stroman said.
Vicky Fisher, the city’s community development director, told the council staff would amend the Wall Street Journal wording and research common definitions of infill used by other communities and by the American Planning Association to guide the city’s draft policy.
Councilor Roberts raised concerns about the timing of a county requirement that a $15,000 payment be made within 90 days of a TIF district’s approval. Roberts said that many TIF projects do not produce increment or proceed to an approved TIF within that time. “If they're coming forward with a TIF and they set up the TID, but they don't go forward with that TIF, I don't think they should be charged that — especially not charged that within 90 days,” Roberts said. City staff responded that the county had requested the 90-day requirement and that the cost is eligible for TIF reimbursement, but staff said they would discuss removing the 90-day timing requirement with the county.
Roberts moved, and Councilor Stroman seconded, a motion directing city staff to take the revised TIF policy back to the county to renegotiate the 90-day payment requirement. The council approved the motion unanimously.
Councilors said they expect a full revised policy to return for two readings at a future meeting after additional work with staff and the county.
