HomeMy WebLinkAboutRes. 20-075Resolution 20-075
Resolution Providing for the Creation of Tax Increment Financing District
Number Ten (10), City of Brookings
Whereas, the Planning Commission has recommended the District Boundaries for Tax
Increment Financing District Number Ten, 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 Ten, 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 Ten, 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 (1 0%) 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 Ten, 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
boundaries of the following described real property:
Block 3 and 4, D & D Addition and abutting roads rights-of-way, City of
Brookings, Brookings County, State of South Dakota
Lot 10, Block 13, Pheasant Nest Addition and abutting road rights-of-way,
City of Brookings, Brookings County, State of South Dakota
Lot 1, Block 12, Pheasant Nest Addition and abutting road rights-of-way,
City of Brookings, Brookings County, State of South Dakota
Lot 2A and 3A, Block 12A, Pheasant Nest Addition and abutting road
rights-of-way, City of Brookings, Brookings County, State of South Dakota
Lot 58, Block 13, Pheasant Nest Addition and abutting road rights-of-way,
City of Brookings, Brookings County, State of South Dakota
Lot 10, Block 11, Pheasant Nest Addition and abutting road rights-of-way,
City of Brookings, Brookings County, State of South Dakota
Lot 1, Block 2, McCiemans Addition and abutting road rights-of-way, City
of Brookings, Brookings County, State of South Dakota
NE %of SE % Exc S 300' thereof, and Exc McCiemans Addition of
Section 35-T110N-R50W and abutting road rights-of-way, City of
Brookings, Brookings County, State of South Dakota
Lot 9 and 16A, Block 11, McCiemans Addition and abutting road rights-of-
way, 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 Ten Fund,
which shall be a segregated asset account. All tax increments collected
pursuant to Tax Incremental District Number Ten shall be deposited into the Tax
Increment Financing District Number Ten Fund. All funds in the Tax Increment
Financing District Number Ten Fund shall be used solely for those purposes
expressly stated and reasonably inferred in SDCL Chapter 11-9.
Passed and approved this 22nd day of September 2020.
CITY OF BROOKINGS
Keith W. Corbett, Mayor
# Legal Description
2 Block 4, D & D Add ition Tax Increment District #10
3 Block 3, D & D Additi on
4 Lot 10, Block 13, Pheasant Nest Addition
5 Lot 1, Block 12, Pheasant Nest Addit i on
6 Lot 2A, Block 12A, Pheasant Nest Addition
Lot 3A, Block 12A, Pheasant Nest Addition
8 Lot 58, Bl ock 13 , Pheasant Nest Addition
9 Lot 10, Block 11, Pheasant Nest Addition N
10 Lot 1, Block 2, McCiemans Addition
11 N 621' of SE 1/4 Exc W 1113', Exc OL A, Exc
McCiema ns Add ition & Exc W 1176' of E 1301'
of S 340' of Sec 35-110-50
12 Lot 9, Block 11, McCiemans Addit ion
13 Lot 16A, Bl ock 11, McCiemans Addition