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Committee approves TIF amendment to secure land for Homestead Street extension, park and fire station

Rapid City Legal & Finance Committee · November 28, 2024

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Summary

The committee approved Resolution No. 2024-075, an amendment to TID #83 project plan to secure funds to acquire two lots for park expansion, a lot for a fire station (possibly including a small police precinct) and drainage improvements for the Homestead Street extension.

The Legal & Finance Committee approved Resolution No. 2024-075 on Nov. 27, an amendment to TID (Tax Increment Financing) Project Plan No. 83 for the Homestead Street extension, which covers property generally described as Homestead Street east of Veil Road between Timmons Boulevard and Missoula Street.

Ms. Fisher read the resolution and said the amendment allows the city to secure funding within an increased allotment to acquire two lots for park expansion, acquire a lot for a new fire station (which may include a smaller police precinct) and fund drainage improvements to be owned by the city. Ms. Fisher noted the item had been on the committee's previous agenda and was returned to meet state notification requirements; the committee had recommended approval earlier.

A committee member praised the amendment as addressing multiple needs — parks, public safety and drainage — and moved approval. The motion (by Evans, second by Maher) passed on a committee vote. Staff said the amendment will help the district capitalize on overperforming conditions and enable the city to pursue those acquisitions and improvements under the TIF plan.