HomeMy WebLinkAboutResolution 22-039Resolution 22-039
Resolution Providing for the Creation of
Tax Increment Financing District Number 12, City of Brookings
Whereas, the Planning Commission has recommended the District Boundaries for Tax
Increment Financing District Number 12, 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 12, 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 12, 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 Economic Welfare. The City Council makes the following findings
with regard to economic welfare:
a. More than 50% of the property in the District will stimulate and develop the
general economic welfare and prosperity of the state through the
promotion and advancement of industrial, commercial, manufacturing,
agricultural, or natural resources development;
b. Improvements to the District will significantly and substantially enhance
the value of all property within the District;
c. 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.
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 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 12, City of Brookings. The District is
hereby created on the day this Resolution becomes effective, which shall be 20
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:
Lot 1, Front Street Addition and abutting roads 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 12 Fund,
which shall be a segregated asset account. All tax increments collected
pursuant to Tax Incremental District Number 12 shall be deposited into the Tax
Increment Financing District Number 12 Fund. All funds in the Tax Increment
Financing District Number 12 Fund shall be used solely for those purposes
expressly stated and reasonably inferred in SDCL Chapter 11-9.
Passed and approved this 10t" day of May, 2022.
CITY O,BROOKJ)fi, SD
Oepke. Niemeyer, Mayor
ATTEST:
a oster, City Clerk
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