HomeMy WebLinkAboutResolution 22-034Resolution 22-034
Resolution authorizing a loan from the General Fund to the
Tax Increment Finance District Number One (#1) to fund the South Dakota State
University Research Park sanitary sewer system upgrade
Whereas, Tax Increment District Number One (TIF No. 1) has $1,752,140.18 of
available Project Costs (the "Remaining Project Costs") which have been identified as
eligible Project Costs for the Research Park Sanitary Sewer Line and University
Boulevard reconstruction project; and
Whereas, in accordance with SDCL 9-22-24, the City is authorized, upon approval of
the City Council, to loan unrestricted cash from one fund to another fund of the City, and
Whereas, it is in the best interests of the City of Brookings to finance the further
development of said sewer system internally through a loan from the General Fund to
the TIF No. 1 District Fund.
Now, Therefore, Be It Resolved by the City Council of the City of Brookings, South
Dakota, as follows:
1. The General Fund shall loan Project Costs in the amount of $1,700,000 to Tax
Increment District Fund No. 1 pursuant to an Interfund Loan, with payment to be
made by TIF No. 1 over a two-year term and a 2% annual interest rate; and
2. That based on construction in 2023, Tax Increment District No. 1 shall repay the
funds necessary to pay the project costs described above over a two-year term
at the rate stated in Section 1.
Passed and approved on the 26t" day of April, 2022.
CITY OF BROOK:'. , SD
Oepke . Niemeyer, May
ATTEST:
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`.Foster, City Clerk