Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Tax Increment Financing topic
No spam. Unsubscribe anytime.
Tea council approves Amendment #1 to TIF District #2, increases eligible project costs to $6.999 million
Summary
The City of Tea adopted Resolution 26-0202 to approve Amendment #1 to TIF District #2, increasing maximum authorized eligible project costs from $5,184,628 to $6,999,247 (an increase of $1,814,619, 35%), and found no redetermination of the tax increment base was required under SDCL § 11-9-23.
The City Council reviewed and approved Amendment #1 to the Tax Increment Finance District #2 Project Plan, which raises the maximum authorized eligible project costs to $6,999,247 from the original $5,184,628. City Administrator Justin Weiland worked with Colliers Securities (Tobin Morris noted in the minutes) to prepare the amendment, which the Planning Commission had recommended for approval.
The resolution adopted specific findings required by SDCL § 11-9-23, stating the $1,814,619 increase equals thirty-five percent of the original project cost amount and will be incurred within the time period specified in the original plan; the council therefore found no redetermination of the tax increment base by the South Dakota Department of Revenue was required. Councilmember Lynn DeYoung moved to approve the resolution and Councilmember Terry Woessner seconded; the motion passed with all members voting AYE.
The minutes direct that Amendment #1 be adopted and that the amended project plan be kept on record at City Hall. The amendment is intended to create additional TIF funds to complete public infrastructure that will serve TIF District #2.
