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Committee approves amendment to TIF district 92, reclassifies project and flags school-district levy effects
Summary
The committee approved Amendment No. 1 to the project plan for Tax Increment Financing District No. 92, changing the district classification from affordable housing to local and confirming inclusion of Reservoir Road work; staff presented estimated levy impacts for school-district taxpayers.
The Rapid City Legal and Finance Committee approved Amendment No. 1 to the project plan for Tax Increment Financing (TIF) District No. 92 on Feb. 12, changing the district’s classification from “affordable housing” to “local.” Committee members and staff reviewed what the reclassification means for project scope and for Rapid City School District levies.
Community Development Director Fisher and TIF planner Mike Dugan described the amendment as necessary because the project’s boundary includes higher-priced homes that exceed the statutory price threshold for an affordable-housing classified TIF. The amendment keeps the…
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