Title
Action to approve Tax Increment District #9 Project Plan
Body
Summary:
Adoption of a project plan detailing the proposed improvements, associated costs, and the plan for financing the improvements.
Background:
The City of Brookings is proposing the creation of Tax Increment District #9 to construct public improvements for the Svennes Industrial Park to extend the street network with the construction of 24th Street and associated storm sewer improvements. Additional project costs include drainage improvements in 32nd Avenue, expansion of the drainage channel and pond, and 32nd Avenue street improvements.
State law (SDCL 11-9-13) requires the Planning Commission adopt a project plan for each tax increment district and submit the plan to the governing body. The plan must contain specific information as stated in SDCL Chapter 11.
The City is responsible to front the costs of the project improvements and will only be reimbursed property tax increment generated from development occurring with the district.
Recommendation
Recommendation:
The Development Review Team (DRT) recommends approval of the project plan.
Body2
Attachments:
Memo
Project Plan