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Council approves Brookings Marketplace TIF plan and development agreement with Ryan Companies
Summary
Council approved TIF District 13 boundaries and a development agreement with Ryan Companies to build the Brookings Marketplace, including up to $5.5M in TIF reimbursement and ~$2M in city infrastructure support. Developers say the project will capture retail leakage, create construction and permanent jobs, and generate new sales tax.
Brookings City Council voted Oct. 22 to approve tax increment financing (TIF) District 13 project boundaries and a development agreement with Ryan Companies for the Brookings Marketplace project.
City planning staff said the eligible project costs were revised downward to about $9 million from an earlier higher estimate based on updated bid pricing and comparable projects. Officials projected conservative incremental taxable value around $4.5 million. The development agreement allows a maximum of $5.5 million in TIF reimbursement tied to improvements and contemplates roughly $2 million in city support for infrastructure…
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