HomeMy WebLinkAboutResolution 016-2014 Resolution No. 16-14
Resolution Providing for the Creation of Tax Incremental District Number Seven,
City of Brookings
Whereas, the Planning Commission has recommended the District Boundaries for Tax
Incremental District Number Seven, 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 Seven, 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 Seven, 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 ali property within the District;
c. There is a reasonable likelihood that there will be economic development built
within the District.
d. A majority of the property within the District which is suitable for development is
currently unplatted and not serviceable with public infrastructure;
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 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°/a) 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 Seven, 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:
E % in Section 2-T109N-R50W of the 5th P.M. and abutting rights-of-way of Main
Avenue South, 20t" Street South, and 32"d Street South, City of Brookings,
Brookings County, State of South Dakota.
NW% including all road rights-of-way, but excluding that portion still lying within
Medary Township outside Brookings City Limits in Section 2-T109N-R50W of the
5th P.M., City of Brookings, Brookings County, State of South Dakota.
N % of the NE% including all road rights-of-way, but excluding the platted areas
thereof, in Section 3-T109N-R50W 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 Seven Fund,which shall be a
segregated asset account. All tax increments collected pursuant to Tax Incremental
District Number Seven shall be deposited into the Tax Incremental District Number
Seven Fund. All funds in the Tax Incremental District Number Seven Fund shall be used
solely for those purposes expressly stated and reasonably inferred in SDCL Chapter 11-
9.
Passed and approved this 11`h day of February, 2014.
CITY OF BROOKINGS
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�;ATff�'�; ,� Tim Reed, Mayor
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ari Thornes, City Clerk