Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Rapid City committee approves creation of Sunridge Senior Affordable Housing TIF district, 3-1
Summary
The Legal and Finance Committee voted 3-1 to create a tax increment financing district to support a 38-unit senior affordable housing project on the 300 block of North Street; the developer and city staff said the project requires TIF to be feasible and Blue Line Development offered a corporate guarantee.
The Rapid City Legal and Finance Committee voted 3-1 on July 16 to create the Sunridge Senior Affordable Housing tax increment financing (TIF) district, a step the developer and staff said is needed to build a 38-unit senior affordable apartment project on the 300 block of North Street.
Mike Dugan, a finance staff member, told the committee the district would support construction of 38 units targeted to tenants age 55 and older with income limits at 60% or less of area median income (AMI). "The project would be structured as a grant in the amount of $2,221,000," Dugan said, adding that the figure does not include financing costs and that the city would underwrite the loan similar to past projects.
The developer, Jason Bull of Blue Line Development, said the project could accept Housing Choice (Section 8) vouchers depending on voucher rules and tenant incomes and that financing commitments are already in place. "The South Dakota Housing Development Authority…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
