HomeMy WebLinkAboutResolution 035-2007 Resolution No. 35-07
RESOLUTION PROVIDING FOR THE CREATION OF TAX INCREMENTAL
DISTRICT NUMBER TWO, CITY OF BROOKINGS
WHEREAS, the Planning Commission has recommended the District Boundaries
for Tax Incremental District Number Two, 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 Two, City of Brooking, 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 Two, 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 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 a shopping center, motel
and various retail and service stores 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 water connections in the areas of unimproved land
which 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; and
i. 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.
4. Creation of District. There is hereby created, pursuant to SDCL Chapter 11-9,
Tax Incremental District Number Two, 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 3, and Lot 5 of Block 8 and Block 8, excluding Lot 1A, Wiese
Addition
SW 1/4 of the SE 1/4 of Section 19-T110N-R49W
Block 1, Wiese 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 Two Fund, which
shall be a segregated asset account. All tax increments collected pursuant to Tax
Incremental District Number Two shall be deposited into the Tax Incremental
District Number Two Fund. All funds in the Tax Incremental District Number
Two Fund shall be used solely for those purposes expressly stated and reasonably
inferred in SDCL Chapter 11-9.
Passed and approved this 8th day of May 2007.
CITY OF BROOKINGS
1
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''oae ST: coif i. unsterman, Mayor
WLet
homes, City Clerk
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8 AND BLOCK 8, EXCLUDING SECTION 19-T110N-R49W
LOT 1A, WIESE ADDITION