Posted: August 22, 2024
Rapid City
Agenda Item Summary

Agenda Item Ref. #: 24TI003 - Ennen Housing Development

Agenda Item Title:

24TI003 - Approve Resolution No. 2024-064, a Resolution to Create Tax Increment Financing District and Resolution to adopt Project Plan for Ennen Housing Development TID No. 92 for Property Generally Described as Being Located at the Current Northern Terminus Reservoir Road

Origination Group:
Planning Commission
Origination Meeting Date:
08/22/2024
Stage 2 Group Name:
Legal & Finance Committee
City Council Hearing Date:
09/03/2024
City Council First Reading Date:
09/16/2024
Petitioner:
Tony Morris for Jim Scull
Staff Contact:
Mike Dugan, Tax Increment Finance Planner
Location:
East of Elk Vale Road, north of Homestead Street and west o Enned Drive
Agenda Item Summary:
The applicant has submitted an application for a Tax Increment Financing District with $7,817,989 in proposed project costs. The purpose of the project is to support the development of an affordable housing residential development with 156 single family homes. The proposed costs include infrastructure improvements and financing for the project.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

Origination Recommendation Action:
Approve
Origination Recommendation Notes:
Planning Commission Approved: 8/22/2024
City Council Recommendation Action:
Approve
City Council Recommendation Notes:
Set for Hearing to be heard at the September 16, 2024 City Council Meeting: 9/3/2024; City Council Approved: 9/16/2024

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