Rapid City's proposed plaza still awaits crucial funding source - KOTA Territory News

Rapid City's proposed plaza still awaits crucial funding source

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A major source of funding is still needed to secure a proposed Rapid City project.

Hanai Shafai, President of Dream Design Inc., says he's working with brokers to secure New Market Tax Credits, a critical funding source for the President's Plaza project. But Shafai says construction of the 15 story downtown project will move forward as planned.

He says he's received positive feedback from the brokers and they're currently in the process of putting the packages together. Shafai says he's excited the project is moving according to schedule and he looks forward to getting the community involved in the process through community meetings.

"Hopefully in the next two weeks to bring the community up to date as far as how the project is doing and how the project is coming,' said Shafai.

Shafai says he's hopeful the New Market Tax Credit will materialize between March and June.

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518 St. Joseph St.
Rapid City, SD 57701

Telephone: 605.342.2000
Fax: 605.342.7305

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