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Council approves TIF boundaries and project plan tied to Ventum expansion; developers to front infrastructure costs
Summary
Council approved resolutions to establish Tax Increment Financing (TIF) District No. 16 and adopt a project plan identifying about $5 million in eligible costs to support site and infrastructure improvements for Ventum (formerly part of 3M); economic development officials said the phase‑one investment is about $221.9 million and would add roughly 48 jobs.
Brookings — The City Council on Aug. 13 approved two related resolutions to create Tax Increment Financing (TIF) District No. 16 and adopt the district’s project plan to support a large manufacturing expansion in the city.
Community Development Director Mike Struck described Resolution 24‑078 as the boundary declaration for TIF No. 16 and Resolution 24‑080 as adoption of the project plan. Staff said the TIF is intended to help fund site improvements, grading, utilities and…
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