HomeMy WebLinkAboutResolution 25-019RESOLUTION 25-019
RESOLUTION PROVIDING FOR THE CREATION OF TAX INCREMENT
FINANCING DISTRICT NUMBER SEVENTEEN, CITY OF BROOKINGS
WHEREAS, the Planning Commission has recommended the District Boundaries
for Tax Increment Financing District Number Seventeen, 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 Seventeen, 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
Seventeen, 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. The City Council makes the following findings with regard to
economic development:
a. The proposed improvements will create new jobs and diversify the overall
economic base of the City of Brookings through economic development.
b. The South Dakota Department of Revenue has reviewed the TIF Plan and
classified the Tax Increment District Seventeen of City of Brookings to be
Economic Development.
c. At least 50 percent of the real property within the district will stimulate and
develop the general economic welfare and prosperity of the state through
the promotion and advancement of economic opportunities.
d. The improvement of the area is likely to significantly enhance the value of
substantially all other real property in the district.
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.
3. Boundaries of District. The Boundaries of the district are determined to be as
follows:
Lot 1A in Block 4 of Hill Park Addition, an addition to the City of
Brookings, Brookings County, South Dakota
Lot 13A in Block 2 of Sanderson's Addition to the City of Brookings,
Brookings County, South Dakota
S 40-feetLot 4, Lot 5, N 15 -feet Lot 6, Block 1 of Sanderson's Addition
to the City of Brookings, Brookings County, South Dakota
All located in the City of Brookings, Brookings County, South Dakota including
within and adjacent rights -of -ways.
4. Findings of Annual Appropriation TID. Tax Increment District Number
Seventeen will be designated as an Annual Appropriations TIF to ensure that
it does NOT count against constitutional debt.
5. Creation of Tax Increment Fund. There is hereby created, pursuant to SDCL
11-9-31, a City of Brookings Tax Increment Financing District Number
Seventeen Fund, which shall be a segregated asset account. All tax
increments collected pursuant to Tax Incremental District Number Seventeen
shall be deposited into the Tax Increment Financing District Number
Seventeen Fund. All funds in the Tax Increment Financing District Number
Seventeen Fund shall be used solely for those purposes expressly stated and
reasonably inferred in SDCL Chapter 11-9.
Passed and Approved this 25th day of February, 2025.
Oepke gr Niemeyer, Mayo
ATTEST:
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`13 461 Foster, City Clerk
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