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Committee approves ordinance to revise TIF district review process
Summary
On second reading the committee approved Ordinance 6654 to amend Rapid City Municipal Code section 3.26, updating the tax increment financing district review process; staff described the changes as streamlining the process while adding safeguards.
The Legal and Finance Committee of the City of Rapid City approved on second reading an ordinance amending the city's tax increment financing (TIF) review process.
Director Daniel Ainslieb told the committee the ordinance contains "some fairly significant changes to our TIF policy," and said there were no changes from the first reading. "It's meant to streamline the process and also to ensure that there's greater safeguards to ensure that we're being good stewards of the taxpayers' resources," Ainslieb said. He noted staff and the city attorney had met with developers and several council members while preparing the revisions.
The measure, identified in the meeting record as ordinance number 6654, would amend Rapid City Municipal Code section 3.26 regarding the TIF district review process. The motion to approve item 12 on second reading was made by Bieberdorf and seconded by Evans; the chair announced the motion carried.
Ainslieb said the change is intended to both streamline the TIF review process and add safeguards, and that the TIF program manager and city attorney participated in drafting the revisions. The meeting record does not include detailed text of the amendments or specific new review criteria; staff described the changes at a high level and said they had consulted developers and council members. No public comment on the item was recorded.
