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Posted: November 27, 2024
Rapid City
Agenda Item Summary

Agenda Item Ref. #: 24TI005 - Homestead Street Extension

Agenda Item Title:

24TI005 - Resolution for Amendment #1 to Project Plan for TID No. 83 Project Plan for the Homestead Street Extension

Origination Group:
Planning Commission
Origination Meeting Date:
11/07/2024
Stage 2 Group Name:
Legal & Finance Committee
Stage 2 Meeting Date:
11/27/2024
City Council Hearing Date:
11/18/2024
City Council First Reading Date:
12/02/2024
Petitioner:
Indigo Design, LLC for Homestead Street, LLC
Staff Contact:
Mike Dugan, Tax Increment Finance Planner
Location:
Homestead Street east of Elk Vale Road between Timmons Boulevard and Missoula Street
Agenda Item Summary:
The original purpose of the Tax Increment District (TID) was to fund the design and construction of approximately 900 feet of Homestead Street between Missoula Street and Timmons Boulevard in compliance with the City’s Infrastructure Design Criteria Manual as well as the Standard Specifications. This TID was approved October of 2020. The City of Rapid City desired the Homestead Street connection between Timmons Boulevard and Missoula Street and joined as co-applicant with Homestead Street Project, LLC., (Developer) to accomplish this community benefit for the Rapid City Area School District (RCAS) and the residents to the east of Elk Vale Road. The Developer agreed to donate all of the necessary 68-foot right-of-way and provide funding for this Homestead Street connection. Homestead Street is currently identified as a collector-level roadway. The approximate 900-foot-long segment between Missoula Street and Timmons Boulevard was not currently constructed, and the completion of this project eliminated this gap in the City’s road network. Amendment #1 to the Project Plan will increase project costs by 35% from $2,719,969.68 to $3,671,958.38. The difference is $951,989.38. South Dakota Codified Law 11-9-23 provides for plan amendments, including additional project costs, provided the proposal does not exceed thirty-five percent of the original project plan costs and the additional project costs are incurred before the five-year time limit. The 35% increase in project costs will be used for the City of Rapid City to purchase (3) lots in the Homestead Vista Subdivision.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center
Funding Source & Fiscal Impact Notes:
Planning Commission Approved the Resolution for Amendment #1 to Project Plan for TID No. 83 Project Plan for the Homestead Street Extension: 11/7/2024

Recommendations:

Origination Recommendation Action:
Approve
Origination Recommendation Notes:
Planning Commission Approved: 11/7/2024
City Council Recommendation Action:
Approve
City Council Recommendation Notes:
City Council Approved 9-0 with Roberts Abstaining: 12/2/2024
Published in 2024 - PL Agenda Items
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