Committee recommends three TIF districts for council consideration: Homestead extension, Innovation Quarter, Robbinsdale

The Rapid City Legal and Finance Committee on April 30 recommended that the full City Council consider three tax increment financing (TIF) actions: the Homestead Street extension overlay (TIF No. 93), the Innovation Quarter (TIF No. 94) and the Robbinsdale district (TIF No. 95). Committee members voted by motion to recommend approval of each district's creation and project plan to the full council.

Why it matters: The three proposals would allocate incremental property-tax revenues to fund municipal infrastructure and development incentives in separate parts of the city. Committee and staff outlined expected capital uses, projected tax increments and potential impacts on Rapid City Area School District taxpayers.

Homestead Extension Overlay (TIF No. 93): Finance staff said the overlay district would fund a new fire substation with police office space and a new city park. The TIF request included $7,000,000 in funding toward those elements and noted an amendment to the underlying TIF 83 that leaves about $2,500,000 available for the park. Staff estimated total project capital costs of about $10,500,000 and projected roughly $27,000,000 in increment over the life of the…