HomeMy WebLinkAboutResolution 115-1996 , • '�
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RESOLUTION NO. 115-96
A RESOLUTION OF THE GOVERNING BODY OF THE CITY OF BROOKINGS,
SOUTH DAKOTA, DECLARING AN OFFICIAL INTENT TO USE SEVENTY-FIVE (75%)
PERCENT OF THE REVENUES FROM THE INCREASE OF ONE (1%)PERCENT OF THE
MUNICIPAL SALES AND SERVICE AND USE TAX FOR PUBLIC BUII.,DING PROJECTS
AND TOTAL COST OF THE PROJECTS TO BE FUNDED BY THE CITY OF BROOKINGS.
WHEREAS, the City of Brookings had adopted Ordinance No. 25-96 which increases the
rate of municipal sales and service and use t�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 buildings designated by Ordinance or Resolution of the City Commission, and
WHEREAS, while Ordinance No. 25-96 has been referred to a public vote, it is necessary
and in the public interest for the City to officially identify the proposed public buildings projects.
WHEREAS, it is the official intent of the City to consider the funding for these four(4)
proposed projects, and
WHEREAS, the City Commission will hold further public hearings and take further
official action concerning the proposed projects as the plans for each 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 seventy-five (75%) percent of the
revenues from the increased sales tax rate as provided in Ordinance No. 25-96 for the
following projects (the"Community Projects"):
Prolect Amount
Brookings Public Library Expansion $ 2,600,000.00
Brookings Area Ag Center $ 2,000,000.00
SDSU Wellness Center $ 500,000.00
SDSU Performing Arts Facility $ 6,000,000.00
TOTAL $11,100,000.00
The foregoing amounts are the maximum costs which will be funded by the seventy-five
(75%) percent portion of increased sales tax revenues.
2. The Community Projects 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.
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3. The Community Projects will be owned and operated as follows:
a. The Brookings Library Expansion will be owned by the City of Brookings and
operated by the Library Board of the City of Brookings.
b. The extent that other entities will be participating in the funding of the
Brookings Area Ag Center will be determined following public hearing on the
Project. The City of Brookings intends to provide the sum of$2,000,000.00 from
the increased sales tax revenues for project costs.
c. The SDSU Wellness Center will be owned by the State of South Dakota and
operated by South Dakota State University pursuant to a Joint Powers Agreement
which will provide for community involvement in the use of the SDSU Wellness
Center.
d. The SDSU Perfornung Arts Center will be owned by the State of South Dakota
and operated by South Dakota State University pursuant to a Joint Powers
Agreement which will provide for community involvement in the use of the SDSU
Performing Arts Center.
Passed and approved this 7th of January, 1997.
o�g{t00K/iy Mayor
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Finance Officer
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