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Committee OKs developer agreement and city loan for TIF 88; approves county TIF consent for project that crosses city limits
Summary
The Rapid City Legal and Finance Committee recommended approval of a developer agreement and a $951,000 city loan for Tax Increment Financing District (TIF) 88 with Eastern Slope Land Corp., and consented to Pennington County creating a county TIF that includes property inside Rapid City.
The Rapid City Legal and Finance Committee on March 12 recommended city council approval of a developer agreement and city loan for Tax Increment Financing District (TIF) 88, and separately approved a resolution consenting to Pennington County’s creation of a county tax increment financing district that includes property inside Rapid City.
Finance Department staff presented details on TIF 88 (Country Road West). Mike Dugan, TIF program manager, told the committee the district was originally approved by council in May 2023 and was amended in September to increase project costs by about 33 percent after bids came in higher than earlier estimates. The stated purpose of TIF 88 is to construct about 900 linear feet of Collector Street (Country Road) to support residential development, including single-family and multifamily units.
Dugan said the total project cost, including financing, is currently listed at just above $1,700,000. The city is proposing to fund the TIF with a city loan of a little over $951,000 at…
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