HomeMy WebLinkAboutResolution 114-2011Resolution No. 1 14 -1 1
Resolution providing for the creation of
Tax Incremental District Number Five, City of Brookings, SD
Whereas, the Planning Commission has recommended the District Boundaries for Tax
Incremental District Number Five, City of Brookings, and has recommended its creation; and
Whereas, the City of Brookings has the powers, pursuant to SDCL 1 1 -9 -2, to create Tax
Incremental District Number Five, City of Brookings, and to define its boundaries.
Now Therefore, It Is Hereby Resolved:
I. Authority and Declaration of Necessity. The City of Brookings declares the necessity
for the creation of Tax Incremental District Number Five, City of Brookings
(hereinafter sometimes referred to as the "District "), pursuant to SDCL Chapter 1 1 -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 are likely to add millions of dollars of assessed
valuation to the District and will significantly and substantially enhance the value
of all property within the District;
c. There is a reasonable likelihood that there will be industrial development built
within the District.
d. A majority of the property within the District which is suitable for development
as an industrial park is currently unplatted and is not on the tax rolls of the
county or city;
e. 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.
f. The District is predominantly open bare land void of site improvements, that
impairs the sound growth of the City.
g. There exist inadequate street layouts and storm sewer which retard the
provision of industrial accommodations.
h. The District constitutes a blighted area as defined in SDCL Chapter 1 1 -9.
3. Findings of Maximum Percentage of Tax Incremental 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 1 1 -9, Tax
Incremental District Number Five, 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 northern,
southern, western and eastern boundaries of the following described real property:
Block 1 of Foster Addition and all of Thirty- Second Avenue right -of -way located
in the NE '/4 of Section 1 9 -T I I ON -R49W of the 5th P.M., 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 Incremental District Number Five Fund, which shall be a
segregated asset account. All tax increments collected pursuant to Tax Incremental
District Number Five shall be deposited into the Tax Incremental District Number Five
Fund. All funds in the Tax Incremental District Number Five Fund shall be used solely
for those purposes expressly stated and reasonably inferred in SDCL Chapter 1 1 -9.
Passed and approved this 13`h day of September 201 1.
J'
ari Thornes, City Clerk
CITY OF BROOKINGS
Tim Reed, Mayor