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Council committee approves $3 million Rapid City Impact Fund operating agreement
Summary
The committee approved an operating agreement to establish a $3,000,000 Rapid City Impact Fund endowment to be deposited with the Black Hills Area Community Foundation; the mayor will appoint board members to oversee the endowment and the council will affirm or reject appointees.
The Legal & Finance Committee approved an operating agreement on Nov. 12 to establish an operating board for the Rapid City Impact Fund, a $3,000,000 endowment to be deposited with the Black Hills Area Community Foundation.
Key details: Finance staff said the council previously authorized creation of the endowment and that the operating agreement would allow the appointed board to begin operations in January (year not specified in transcript). The mayor will nominate individuals to serve on the oversight board and the council will later affirm or reject those appointees.
Vote: The committee approved the operating agreement by voice vote. Finance staff noted the endowment is intended to grow over several years and that the impact fund proceeds or interest would be used for capital projects in the future.
Next steps: Mayor appointments and council confirmation of board members; board to begin operations in January after confirmations and set governance procedures.
