HomeMy WebLinkAboutRes. 21-076Resolution Providing for the Creation of
Tax Increment Financing District Number Eleven (11), City of Brookings
Whereas, the Planning Commission has recommended the District Boundaries for Tax
Increment Financing District Number Eleven, 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 Eleven, 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 Eleven, 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 g
irowth of the City.
f. There exist inadequate street layouts and storm sewer which retard the
provision of economic 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 Eleven, 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:
N 1780'of NE 1/4EXC E 375'& EXC Platted Areas in Section 2-TlO9N-R50W
and abutting roads rights-of-way, City of Brookings, Brookings County, State of
South Dakota
Block 3A, Prairie Hills Addition and abutting road rights-of-way, City of Brookings,
Brookings County, State of South Dakota
Lot 2, Block 1 , Prairie Hills Addition and abutting road rights-of-way, City o
Brookings, Brookings County, State of South Dakota I
Block 1 , Trail Addition and abutting road rights-of-way, City of Brookings,
Brookings County, State of South Dakota
N 490'of Block 2, Trail Addition and abutting road rights-of-way, City of
Brookings, Brookings County, State of South Dakota
Substation Addition and abutting road rights-of-way, City of Brookings, Brookings
County, State of South Dakota
Block 3, McClemans Addition and abutting road rights-of-way, City of Brookings,
Brookings County, State of South Dakota
N W 1/4of NW 1/4Exc Platted Areas in Section 1 -T1 09N-R50W and abutting road
rights-of-way, City of Brookings, Brookings County, State of South Dakota
Block 1, Nelson Fifth 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 Eleven Fund,
which shall be a segregated asset account. All tax increments collected pursuant to
Tax Incremental District Number Eleven shall be deposited into the Tax Increment
Financing District Number Eleven Fund. All funds in the Tax Increment Financing
District Number Eleven Fund shall be used solely for those purposes expressly
stated and reasonably inferred in SDCL Chapter 11-9.
Passed and approved this 28th day of September, 2021.
ATTEST:
0 ster, City Clerk
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