HomeMy WebLinkAboutResolution 077-2008 RESOLUTION NO. 77-08
RESOLUTION PROVIDING FOR THE CREATION OF TAX
INCREMENTAL DISTRICT NUMBER FOUR, CITY OF BROOKINGS
WHEREAS, the Planning Commission has recommended the District Boundaries for Tax
Incremental District Number Four, 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
Incremental District Number Four, 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 Incremental District Number Four, 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 by the construction of affordable housing 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 will significantly and substantially enhance the value of
all property within the District;
c. There is a reasonable likelihood that there will be affordable housing built within the
District.
d. 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.
e. The District is predominantly open bare land void of site improvements,that impairs
the sound growth of the City.
f. The District also lacks drinking water connections and fire safety systems in the areas
of unimproved land which creates an unsafe condition and substantially impairs the
sound growth of the District.
g. There exist inadequate street layouts which retard the provision of housing
accommodations.
h. The District lacks sewerage connections in many areas which substantially limits the
sound growth of the District.
i. Paragraphs f through i substantially impair the growth of the City, retards housing
accommodation and is a menace to the welfare of the City in its present condition.
j. The District constitutes a blighted area as defined in SDCL Chapter 11-9.
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.
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4. Creation of District. There is hereby created, pursuant to SDCL Chapter 11-9, Tax
Incremental District Number Four, 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:
The East 610 Feet of the West 1,110 Feet of the South 640 Feet of the
North 1,150 Feet in the SE 1/4 of Section 35-T110N-R50W (unplatted land
north of Cardinal Drive in Hunter's Ridge Addition.
6. Creation of Tax Incremental Fund. There is hereby created,pursuant to SDCL 11-9-31,
a City of Brookings Tax Incremental District Number Four Fund, which shall be a
segregated asset account. All tax increments collected pursuant to Tax Incremental District
Number Four shall be deposited into the Tax Incremental District Number Four Fund. All
funds in the Tax Incremental District Number Four Fund shall be used solely for those
purposes expressly stated and reasonably inferred in SDCL Chapter 11-9.
Passed and approved this 9th day of September 2008.
CITY OF BROOKINGS
I! A�"T % Scott D. M nste an,Mayor
I
ari Thornes, City Clerk
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