HomeMy WebLinkAboutResolution 18-067 Resolution 18-067
Resolution providing for the creation of
Tax Increment Financing District Number Eight, City of Brookings
Whereas, the Planning Commission has recommended the District Boundaries
for Tax Increment Financing District Number Eight, City of Brookings, and has
recommended its creation; and
Whereas, the City of Brookings has the powers, pursuant to SDCL 11-9-2, to
create Tax Increment Financing District Number Eight, City of Brookings, and to
define its boundaries.
Now Therefore, It Is Hereby Resolved:
1. Authority and Declaration of Necessity. The City of Brookings declares
the necessity for the creation of Tax Increment Financing District Number
Eight, City of Brookings (hereinafter sometimes referred to as the
"District"), pursuant to SDCL Chapter 11-9. Further, the City finds that the
improvement of the area within the District is likely to enhance
significantly the value of substantially all of the other real property in the
District and is necessary for economic development within the city.
2. Findings of Blight. The City Council makes the following findings with
regard to blight:
a. More than 25% of the property in the District is a blighted area;
b. Improvements to the District will significantly and substantially
enhance the value of all property within the District;
c. A majority of the property within the District which is suitable for
development is currently unplatted and not serviceable with public
infrastructure;
d. The aggregate assessed value of the District plus the tax
incremental base of all other existing Districts in the city does not
exceed Ten (10%) percent of the total assessed valuation in the
City.
e. The District is predominantly open bare land void of site
improvements, that impairs the sound growth of the City.
f. There exist inadequate street layouts and storm sewer which retard
the provision of industrial accommodations.
g. The District constitutes a blighted area as defined in SDCL Chapter
11-9.
3. Findings of Maximum Percentage of Tax Increment Financing Districts.
The aggregate assessed value of the taxable property in the District, plus
all other tax incremental districts, does not exceed Ten (10%) percent of
the total assessed valuation of the City of Brookings.
4. Creation of District. There is hereby created, pursuant to SDCL Chapter
11-9, Tax Increment Financing District Number Eight, City of Brookings.
The District is hereby created on the day this Resolution becomes
effective, which shall be twenty days after publication of this Resolution.
5. Designation of District boundaries. The District shall be located with the
northern, southern, western and eastern boundaries of the following
described real property:
S '/z NW '/4 in Section 34-T110N-R50W of the 5th P.M. and abutting
rights-of-way of West 16t" Avenue, City of Brookings, Brookings
County, State of South Dakota.
6. Creation of Tax Incremental Fund. There is hereby created, pursuant to
SDCL 11-9-31, a City of Brookings Tax Increment Financing District
Number Eight Fund, which shall be a segregated asset account. All tax
increments collected pursuant to Tax Incremental District Number Eight
shall be deposited into the Tax Increment Financing District Number Eight
Fund. All funds in the Tax Increment Financing District Number Eight
Fund shall be used solely for those purposes expressly stated and
reasonably inferred in SDCL Chapter 11-9.
Passed and approved this 28t" day of August, 2018.
CITY OF BROOKINGS
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�I'tan Thornes, City Clerk