<body><div><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=1O5Hye_17EeXnok00" alt="https://img.particlenews.com/image.php?url=1O5Hye_17EeXnok00" width="1200" height="600" >RAPID CITY, S.D. (KOTA) - With Rapid City experiencing so much growth in recent years, the city sought assistance from a consulting firm, who created a financial study to help them determine how and where they grow.Back in 2024, the city hired North Carolina-based Urban3, a firm of tax system experts, to analyze the town’s financial productivity of existing growth and land use patterns.The firm looked at the two variables to understand how they impact Rapid City’s ability to cover long-term costs of supporting public utilities and services.Through the study, it was identified that land uses in town like Target and the Uptown Mall tend to use a lot of land but generate low revenue for the city.The Chief operations officer of Urban3 Heather Worthington said the overall value of the land the mall sits on is $0.2 million per acre which is significantly less than other commercial uses in town.“That’s largely because of how heavily they’re parked, and I think it’s also an opportunity for cities to think differently about those parking spaces and how they might get used for development in the future,” said Worthington. “And then, how to regulate parking differently for those types of uses.”The study also looked at some of the tax increment financing districts in town that are performing well and not so well financially.The study said the Main Streets Program TIF saw a net positive of $33,000 with the Red Rock Meadows TIF seeing a net negative of $13,000.“Generally speaking, those lower-density single family uses for TIF are going to generate much less value for the city in terms of those TIF dollars,” said Worthington. “And higher density more compact development is going to generate more lasting value and also more revenue for the city long-term.”Study findings will give the city tools including three-dimensional revenue and cost models and a development evaluator tool that will help them make informed decisions in financially sustainable development. See a spelling or grammatical error in our story? Please click here to report it.Do you have a photo or video of a breaking news story? Send it to us here with a brief description.</div></body>

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RAPID CITY, S.D. (KOTA) - With Rapid City experiencing so much growth in recent years, the city sought assistance from a consulting firm, who created a financial study to help them determine how and where they grow. Back in 2024, the city hired North Carolina-based Urban3, a firm of tax...

Financial study examines Rapid City’s current growth and land use patterns

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RAPID CITY, S.D. (KOTA) - With Rapid City experiencing so much growth in recent years, the city sought assistance from a consulting firm, who created a fin

Financial study examines Rapid City’s current growth and land use patterns

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