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Tea City Council recognizes Tea Economic Development Corporation as local industrial development corporation
Summary
Council approved RESOLUTION 26‑06‑05 recognizing the Tea Economic Development Corporation dba Tea Chamber for Development as the city's local industrial development corporation under SDCL 9‑27‑37 and authorized appropriations tied to submitted program work; the corporation requested two one‑year city appointments to its board.
The City Council unanimously approved RESOLUTION 26‑06‑05 recognizing the Tea Economic Development Corporation dba Tea Chamber for Development as the City’s local industrial development corporation under SDCL 9‑27‑37. The resolution authorizes the city to appropriate funds to the corporation under SDCL 9‑12‑11 for municipal promotion and economic development, but specifies that payments must be based on programs of work previously submitted to and approved by the governing body.
The resolution requires the corporation to maintain complete records of municipal funds and provide either a certified audit or, if accepted by the governing body, a financial statement at the close of each fiscal period. The corporation requested that the City appoint two people to one‑year terms on its board of directors to improve coordination; the council acknowledged that request in the resolution. The resolution took effect immediately upon passage.
