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Dakota Dunes CID recommends TIF #9 for Two Rivers Business Park with $2.5M cap
Summary
After executive session the Dakota Dunes CID board voted 4-0 to recommend Union County create Tax Increment Financing District #9 for Two Rivers Business Park, contingent on third-party review and a not-to-exceed $2.5 million local commitment.
After returning from executive session on July 20 the Dakota Dunes Community Improvement District Board of Supervisors voted 4-0 to recommend that Union County create a Tax Increment Financing District (TIF #9) for infrastructure supporting the Two Rivers Business Park. The motion, made by Mr. Hanson and seconded by Ms. Finzen, conditions the recommendation on a third-party review and a local contribution cap."not to exceed $2.5 million," the motion stated.
The recommendation will be submitted to Union County Planning and Zoning for consideration. Board members recorded their approval by roll call after the executive session; no dollar allocation beyond the $2.5 million contingency was adopted by the CID board at this meeting. The resolution text references SDCL Chapter 11-9 as the statutory authority for creation of a TIF district.
