HomeMy WebLinkAboutResolution 95-1998 RESOLUTION NO. 95-98
A RESOLUTION OF THE GOVERNING BODY OF THE CITY OF BROOKINGS,
SOUTH DAKOTA, DECLARING AN OFFICIAL INTENT TO USE A PORTION OF THE
SEVENTY-FIVE PERCENT (75%) OF THE REVENUES FROM THE ONE (1%) PERCENT
OF MUNICIPAL SALES AND SERVICE AND USE TAX FOR THE DOWNTOWN OPEN
SPACE, LANDSCAPE AND AMENITIES IMPROVEMENT PROJECT.
WHEREAS, the City of Brookings adopted Ordinance No. 25-96 (as amended) which
increased the rate of municipal sales and service and use ta�c from one (1%)percent to two (2%)
percent, and which provides, in part,that seventy-five (75%) percent of the revenues from the
increased sales tax rate be used only for capital improvements which involve the construction
and financing of public improvements designated by Ordinance or Resolution of the City
Commission, and
WHEREAS, the City has conducted a two year planning process culminating in a
recommended plan of action for the downtown improvements which includes both benefited
property assessments and public funding, and
WHEREAS, the City Commission has held public meetings on the project and will continue
to hold public hearings and take further official action concerning the proposed project as the
plans for the project are completed,NOW THEREFORE,
BE IT RESOLVED BY THE GOVERNING BODY OF THE CITY OF BROOKINGS,
SOUTH DAKOTA, AS FOLLOWS:
1. That the City hereby declares its official intent to use a portion of the seventy-five
(75%)percent of the revenues from the sales tax as provided in Ordinance No. 25-96 (as
amended) for the following project:
Downtown Open Space, Landscape and Amenities Project $3,144, 232.00
Ninety (90%)percent of the foregoing amount is the maximum costs which will be funded
by the seventy-five (75%)percent portion of sales tax revenues. The balance is anticipated to
be funded by assessments applied to benefited properties.
2. The Project may be financed through long-term financing methods which are
acceptable to the City and only the revenues allocated to the specific project as established in
the foregoing Section 1 may be pledged or used to secure a loan, bond or other indebtedness
to finance the project.
Passed and approved this 8`"day of September 1998.
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