Rapid City City Council Votes Unanimously to Increase TIF for Presidential Plaza

Last night the Rapid City City Council voted 10-0 increase the TIF (Tax Increment Financing) from 5 million  dollars capped in 2009  to 23.4 million dollars (the amount approved in 2007) for the Presidential Plaza. The expansion of the TIF will help make the financing of the,41 million dollar to 48 million dollar, project possible.


The project will change the look, feel, and future planning of downtown. The building will have a 600 spot parking garage,seventeen story hotel condominium tower, and  80,000 square feet of retail space. A picture of the building posted with a Rapid City Journal article shows a similar style to the remodeled  building done by Main Street Square. The building would change the landscape of Downtown Rapid City. Compared to the tall buildings such as; Turnac Tower, the BHP building, the Radisson Hotel and the Historic Alex Johnson Hotel (which has been there since 1928). The proposed tower will dwarf them all. 


The project once finished should  bring  the city 800,000 dollars in tax revenue. Ward 4 city council member John Roberts quoted in the Rapid City Journal said, "We're taking a piece of property that hasn't had anything on it for 35 years, and we're going to put it back on the tax rolls."  Currently there is a city parking lot in the suggested location, and the revenue brought by the building through property taxes will dwarf revenue from the parking meters and parking fines that the city currently receives on the property.


If the building is completed, it would be a great addition to Downtown Rapid City, but there are possible problems if it is completed. One it will change the building style of downtown. Currently, many of the buildings are three stories or less. A higher building may seem out of place or destroy the "look" of downtown. Granted, changes of downtown could revitalize it, but the building would probably look out of place. 


Another problem is, will it be completed? This is the second time that this project has been attempted. The failure of the first time caused the TIF to be lowered to 5 million dollars. The city through the TIF is nearly putting up 50 percent of the building cost. Granted there are safeguards through the TIF process that will protect the tax payers, but it is a huge risk especially in a down economy.


Traffic will be another issue that the building will affect. The argument for this similar to the Main Street Square is that these buildings will do better with a slower traffic flow. Example of this would be Phillips Ave in Sioux Falls, SD.  Sioux Falls has made a nice downtown atmosphere. This is done by making the street pedestrian friendly. The problem with this is the roads downtown are major thoroughfares through the city. Without those roads,  might cause traffic more congestion in the city.  Granted it is a far out idea, but it could happen.


Overall, the building would be a great addition to downtown. It will probably help revive downtown by bringing  new businesses. Granted there are many questions that will need to be answered before full support should be given to the project. I am though optimistic that this project will revitalize downtown and help cut down the sprawl. Time will tell, and more post probably to come...

Representative Noem's E-Newsletter

Just sent was was a E-Newsletter from Representative Noem's Office. Here is the text of the E-Newsletter. The three topics that she brings up are her fight against President Obama's loan program, her fight against dust regulations that do not technically exist, and hiring Spring Interns. All except for the hiring of Interns the other stories, are  Don Quixote windmills (imagined beasts),  that show the lack of progress or the "Jobs Jobs Jobs" slogan that the Republican Party used back in last November. It is funny that Rep. Noem has more power than the President on the legislative side to create jobs and is not putting up a plan of her own. If complaining about student loan debt and saying that the President needs to do more to solve the problem. My question to her is what are you doing? Right now it shows you have not Sponsored or Co-Sponsored any bills pertaining to job creation. Most have been to repeal worker rights than to spur the economy. Remember it is not the business owners that drive the economy it is the consumer, and the consumer(most times) is the worker. Happy Reading!

Catching Up With KristiNovember 2011 e-newsletterJobs Are Best Student Loan Repayment ProgramI recently wrote about President Obama’s student loan reforms in my weekly column:  “President Obama is right to be concerned about how recent and future graduates will be able to pay off their education, but his plan fails to make the grade.  The best loan repayment plan we can provide college graduates is ensuring they have the ability to find a decent job.  Nibbling around the edges of loan programs is simply missing the forest for the trees.  We need a strong, vibrant private sector that isn’t worried about the threat of some new tax or regulation lurking around the corner.”  Read the full column here. Dust Bill UpdateIn an effort to limit overbearing government regulations, I have sponsored H.R. 1633, the Farm Dust Regulation Prevention Act of 2011. This bill would prevent the EPA from regulating “nuisance dust,” which is the particulate matter generated during agricultural activity. Thanks in part to the pressure my bill has created, the EPA recently announced it will not revise its regulation on dust matter at this time.  This is welcome news but it does not give farmers and ranchers the certainty they need moving forward. I will continue pushing for full consideration of my bipartisan dust bill because farmers and ranchers deal with enough uncertainty as it is. We don’t need the EPA adding new regulatory uncertainties by further regulating dust and fining our ag producers.Noem Hiring InternsI am now accepting applications for college students interested in interning for the Spring 2012 semester. We have openings in my Washington, DC office, as well as in my state offices. The last day to submit a cover letter, resume and references to Dennis D'Aquila is November 18, 2011. You can reach Dennis by email, Dennis.Daquila@mail.house.gov, or by phone at            (202) 225-2801      .