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Planning commission approves Sunridge senior affordable-housing TIF district, denies project plan
Summary
The Planning Commission voted July 10 to create a TIF district for a proposed 38-unit senior affordable-housing project but separately denied the project's plan, citing concerns about a large per-unit subsidy and repayment risk under a 20-year TIF horizon.
The Rapid City Planning Commission on July 10 recommended creation of a Tax Increment Financing (TIF) district for the proposed Sunridge senior affordable housing project but denied the associated project plan after protracted discussion about subsidy size and repayment risk.
Mike Dugan, finance staff, presented the application and said the proposal is for 38 apartment units on the 300 block of North Street targeted to seniors (age 55-plus) and income-qualified households at 60% or below area median income (AMI). Dugan said the unit mix would be 34 one-bedroom units and 4 two-bedroom units and that the developer requests roughly $4.6 million in TIF assistance. Dugan said total project cost is estimated at about $10.6 million and that the TIF request includes about $2.221 million for site improvements plus financing and administrative fees.
Dugan warned staff projections expect a shortfall under the 20-year statutory window for TIF repayment and described a scenario in which a remaining balance could appear near year 18 that the developer would need to…
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