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Council starts bond process for TIF District 9; adopts intent to reimburse project costs
Summary
The council adopted a resolution to authorize issuance of up to $750,000 in tax increment revenue bonds for TIF District 9 (Jack Paul addition) and separately passed an intent‑to‑reimburse resolution to allow project expenditures to be reimbursed from future bond proceeds.
The Vermillion City Council on Feb. 3 approved initial steps to finance infrastructure for TIF District 9 (the Jack Paul addition) by adopting two related resolutions: authorization to pursue tax increment revenue bonds in an amount not to exceed $750,000 and a declaration of official intent to reimburse certain project expenditures from bond proceeds.
City staff said the city previously secured a South Dakota Housing Development Authority grant, committed $500,000 in second‑penny funds and used an interdepartmental loan from Light & Power to move the project…
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