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HomeMy WebLinkAboutOrdinance 22-2005 ORDINANCE NO. 22-05 AN ORDINANCE OF THE CITY OF BROOKINGS, SOUTH DAKOTA, ESTABLISHING THE RETAIL ECONOMIC DEVELOPMENT INVESTMENT FUND, PROVIDING FOR ITS FUNDING; PROVIDING FOR ITS USE AND PROVIDING FOR ITS RULES AND REGULATIONS BE IT ORDAINED by the City Council of the City of Brookings, South Dakota as follows: Section 1. Establishment and purpose. A. There is hereby established a special fund to be known as the retail economic development investment fund. The purpose of said fund shall be to provide funds from the City to further the economic development goals of the City by providing financial investment in projects which attract retail enterprises that City Council determines will further the accomplishment of the City's economic development goals. The retail economic development goals of the program include efforts to expand the City's tax base, promote development that will enhance the physical and economic environment of the City, provide permanent jobs and skilled labor availability, services, and products within the City thereby improving employment opportunities for the residents of the City of Brookings, foster revitalization of physically deteriorating areas or buildings, promote development that will have a net positive impact on City revenues, and produce a positive impact upon the community as a whole. B. The granting of financial investment is determined to be a public purpose. Specifically, such investment protects the public welfare by promoting and fostering the growth of the City's economic base which in turn has positive effects by generating jobs, increasing the tax base, services and products produced by the private sector, encouraging and providing for the vitality of residential areas and of commercial and industrial businesses within the City, as well as providing increased opportunities for employment for the residents of the City and enabling the City to carry forward its functions in the preservation of the health, safety and welfare of the citizens and residents of the City, all of which have a net positive impact on City revenues, and, in general, improve the quality of life in the City. C. The City Council specifically finds and determines that creation of the retail economic development investment fund is consistent with the City's powers as a home rule municipal corporation and that exercise of said powers in the.manner set forth herein is in furtherance of the public health, safety and welfare of the City. The City Council finds, determines, and declares that this ordinance is promulgated under the general police power of the City of Brookings, that it is promulgated for the health, safety and welfare of the public, and that the ordinance is necessary for the preservation of health and safety and for the protection of public convenience and welfare. The City Council further determines that the ordinance bears a rational relation to the proper legislative object sought to be attained. Section 2. Definitions. For the purpose of this Ordinance, the following words and terms shall be defined as follows: "City Manager"means the City Manager or his designee. "Fund"means the retail economic development investment fund created herein. Section 3. Funding. A. The fund may also be supplementally funded by City Council at its discretion from transfers from any other accounts of the City. B. The fund may also be loaned money from any other fund. The fund may also be funded by the proceeds of bonds or other obligations issued and secured by sales tax revenues imposed under 10-52. C. The fund may be funded by one or more of the methods found in A through C above. Section 4. Authorized expenditures. A. Money from the fund shall be used to provide grants and other financial investment for retail business enterprises located or to be located within the corporate limits of the City of Brookings, whose proposals for financial investment have been approved by the City Council. B. Such investment shall be granted under such terms and conditions as may be authorized by the City Council, pursuant to procedures described in Section 5 herein. C. For projects which involve the construction of physical public improvements, the amount of financial investment shall be related to the costs of constructing public improvements as determined necessary to support the development project the applicant is undertaking. The City may pay for all, or only a portion, of said public improvements, at its complete discretion. D. For projects which involve the revitalizations of physically deteriorating areas,the amount of financial investment shall be related to the actual costs of renovation and enhancement. The City may provide financial investment for some or all of said costs at its complete discretion. E. For projects described in Sections 4 (C) and (D), moneys from the fund shall be strictly limited to uses which are public or public-related in nature. For purposes of the fund, public or public-related purposes shall mean public improvements, including but not limited to streets, sidewalks, curbs, gutters, pedestrian malls, street lights, drainage facilities, landscaping, decorative structures, statuaries, fountains, identification signs, traffic safety devices, bicycle paths, off-street parking facilities, benches, restrooms, information booths, public meeting facilities, and all necessary, incidental, and appurtenant structures and improvements, together with the relocation and improvement of existing utility lines, and any other improvements of a similar nature which are specifically approved by the City Council upon the City Council's finding that said improvements are public or public-related improvements. F. The City Council may, in its discretion, accomplish the purposes outlined in this Ordinance in cooperation with other local, state or federal entities or agencies through direct or participatory funding mechanisms approved by the City Council. G. In addition to the projects specifically identified in this Ordinance, the City Council may authorize expenditures from the fund for projects which, in its judgment, advance the retail economic development goals of the City, projects include but are not limited to the purchase of real or personal property and the disposal or sale of such property at a price less than the purchase price, grants, economic studies, engineering studies, studies concerning the design and construction of public and public-related improvements and studies and activities related to the promotion of retail and attraction of new retail businesses into the City. Section 5. Procedural rules and regulations. The following procedure shall be followed in considering requests for investment from the fund: A. The City Manager shall analyze the request for conformance with the criteria established pursuant to this Ordinance. B. The City Manager shall forward the request to the City Council together with a recommendation regarding financial investment for the project, which shall include suggested terms of participation. C. The City Council may subsequently direct the City Manager to develop an agreement between the applicant and the City or a cooperating local, state or federal entity or agency which embodies such terms and conditions as the City Council deems appropriate for the disbursement of moneys from the fund. D. The Council may authorize, by resolution, the execution of an agreement or agreements on behalf of the City. E. The City Manager is authorized to promulgate administrative regulations to implement provisions contained herein applicable to the economic development fund. F. This procedure shall not be applicable if the City Council has previously budgeted and/or appropriated funds for programs or expenditures for the purposes described in this Ordinance, nor shall it be applicable to the grant, or investment, refunds or the waiver of reduction of fees found in other provisions of the Brookings Code of Ordinances. Adopted this 12th day of July 2005. FIRST READING: June 28, 2005 SECOND READING AND ADOPTION: July 12, 2005 PUBLISHED: July 29, 2005 CITY OF BROOKINGS Scott D. Munsterman,Mayor ATTES : cirr o ai s /: o ' 77Z gy m: d+4/1A,;4 f 'ors ;4 'orris, City Clerk