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Council approves $500,000 city grant and 0% loan support for Rapid City Soccer Complex; funding moved to Vision Fund
Summary
The Legal & Finance Committee approved shifting the city's $500,000 contribution for the Rapid City Soccer Complex from CIP contingency to unallocated Vision Fund dollars and endorsed a 0% city loan of $500,000, supporting a $2 million project to add turf and lights.
The Rapid City Legal & Finance Committee on Oct. 1 approved a funding package and a change in funding source for upgrades to the Rapid City Soccer Complex. The committee approved using $500,000 in unallocated Vision Fund dollars as a grant and authorizing a $500,000 0% city loan repayable over 10 years to help finance a proposed $2 million project to install a turf field and add lights to four fields.
Caleb Arsenault, CEO of Lib Hospitality and a project proponent, told the committee the full project cost is approximately $2 million. Private fundraising and community donations would cover about $1.5 million, leaving a proposed public contribution of $1 million to the city split between a $500,000 grant and a $500,000 loan. Arsenault and project representatives said the development would extend the playing season, reduce weekly water use by an estimated 58,000 gallons for irrigated fields, reduce fertilizer and pesticide use, accommodate tournaments that attract substantial economic activity and serve more than 2,000 local families.
Councilman Steven Temang moved to shift the funding source for the city's $500,000 contribution from CIP contingency funds to unallocated Vision Fund dollars, noting there remained approximately $4.88 million of unallocated Vision Fund balance and that vision funds had previously been used for similar community capital projects. Finance Director Ainsley explained the Vision Fund cash balance and that a $500,000 loan could be accommodated within the fund's cash balance; the loan would be repaid by the Black Hills Rapids organization.
After discussion about fairness to earlier Vision Fund applicants and the structure of the proposed support (grant plus loan), Councilman Temang moved approval of the revised funding plan; the motion was seconded by Bill Evans and carried on voice vote. The committee also approved the financing approach as outlined by the finance director and proponents. The approved actions direct staff to use unallocated Vision Fund dollars for the $500,000 grant and to structure a $500,000, 0% loan to be repaid by the project sponsor.
