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Planning commission approves TID 83 amendment to buy lots for future fire station and park
Summary
The Planning Commission approved Amendment No.1 to Tax Increment District 83, reallocating funds to purchase three lots (approx. $1.185M) for a future fire station, small police office and a city park and financing the remaining TID loan at 7% fixed; staff said the amendment still projects payoff in about 2029.
The Rapid City Planning Commission on Nov. 7 approved an amendment to Tax Increment District 83 that reallocates project funds and adds roughly $951,000 in project costs to enable the city and developer to purchase three lots for future civic uses.
Mike Dugan, finance, told commissioners the amendment increases project costs by about 35% (from roughly $2.7 million to $3.6 million). The city and the…
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