Resolution Providing for the Creation of Tax Increment Financing District
Number Fourteen, City of Brookings
Whereas, the Planning Commission has recommended the District Boundaries for Tax Increment Financing District Number Fourteen, 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 Fourteen, City of Brookings, and to define its boundaries.
Now, Therefore, It Is Hereby Resolved:
- Authority and Declaration of Necessity. The City of Brookings declares the necessity for the creation of Tax Increment Financing District Number Fourteen, 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.
- Findings. The City Council makes the following findings with regard to affordable housing:
- The proposed improvements will create new jobs and diversify the overall economic base of the City of Brookings through affordable housing opportunities.
- The South Dakota Department of Revenue has reviewed the TIF Plan and classified the Tax Increment District Fourteen of City of Brookings to be Affordable Housing.
- Not less than 25 percent, by area, of the real property within the district is a blighted area as defined under SDCL 11-9-11.
- 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 housing opportunities.
- The improvement of the area is likely to significantly enhance the value of substantially all other real property in the district.
- The aggregate assessed value of the District plus the tax incremental base of all other existing Districts in the city does not exceed 10 percent of the total assessed valuation in the City.
- Boundaries of District. The Boundaries of the district are determined to be as follows:
- North ½ of the Northwest ¼, excepting the East 650 feet, and excepting the West 1,600 feet, and excepting Substation Addition, and excepting the West 150 feet, and excepting the North 40 feet in Section 1-T109N-R50W
- West 390 feet of the East 1,040 feet in the Southeast ¼ of the Northwest ¼ in Section 1-T109N-R50W
- Lots 12A and 12B, Block 9, Bluegill Addition
- West 1,600 feet of the South ½ of the Northwest ¼, excepting Trail Addition Block 2 in Section 1-T109N-R50W
- Trail Addition, Block 2, excepting the North 490 feet
All located in the City of Brookings, Brookings County, South Dakota including within and adjacent rights-of-ways.
- Findings of Annual Appropriation TID. Tax Increment District #14 will be designated as an Annual Appropriations TIF to ensure that it does NOT count against constitutional debt.
- Creation of Tax Incremental Fund. There is hereby created, pursuant to SDCL 11-9-31, a City of Brookings Tax Increment Financing District Number Fourteen Fund, which shall be a segregated asset account. All tax increments collected pursuant to Tax Incremental District Number Fourteen shall be deposited into the Tax Increment Financing District Number Fourteen Fund. All funds in the Tax Increment Financing District Number Fourteen Fund shall be used solely for those purposes expressly stated and reasonably inferred in SDCL Chapter 11-9.
Passed and approved this 22nd day of August, 2023.
CITY OF BROOKINGS, SD
Oepke G. Niemeyer, Mayor
Bonnie Foster, City Clerk