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Board approves amendment to Keystone TIF District #2, raises eligible project costs to $2.44 million
Summary
The Keystone Board of Trustees approved an amendment to Tax Increment Financing (TIF) District #2 to raise eligible reimbursable project costs from $1,806,275 to $2,438,471 (a 35% increase) and authorized a developer agreement with K Bar S Lodge, LLC. The resolution cites SDCL 11-9-23 and SDCL 11-9-14 and passed unanimously.
The Town of Keystone Board of Trustees approved a resolution on Jan. 21 to amend the Project Plan for Tax Increment Financing District #2, increasing eligible reimbursable project costs from $1,806,275 to $2,438,471, a 35% rise from the originally approved amount. The amendment will allow tax increment revenue generated within TIF #2 to reimburse the higher project costs, the resolution states.
The resolution cites South Dakota codified law (SDCL 11-9-23 and SDCL 11-9-14) to explain why the increase does not require a redetermination of the tax increment base and to define eligible project costs. Trustee David Cofoid moved to approve the resolution and Trustee Nikki Ball seconded; the motion carried with an "all aye" vote. The resolution specifies it will take effect on the 20th day after publication.
The board also approved a developer agreement consistent with the amended Project Plan with K Bar S Lodge, LLC. The developer agreement was moved and approved in the same session; Trustee Cofoid moved and Trustee Matthew Fullilove seconded the motion, which passed unanimously. The action formalizes the allocation of tax increment revenue toward the expanded list of eligible improvements described in the amended plan.
Board members did not record additional conditions or dissent on the record; the minutes state the amendment was warranted due to higher construction, material and labor costs since the original plan's adoption.
