Agenda Item Title:
20TIF006 - Request to create an economic tax increment district for the extension of water in E Anamosa Street
Funding Source & Fiscal Impact (if applicable):
Funding | Cost Center |
---|---|
$13,191,040.15 | TIF Financed Public Improvements |
$1,039,504.02 | Professional/Construction Admin Fees |
$1,039,504.02 | Contingency costs/Necessary-Convenient |
$13,565,806.33 | Financing / Interest (7.0%) |
$20,000 | Imputed Administrative Fee (interest free) |
$28,855,854.52 | Total TIF Financed Expenditures |
Recommendations:
Tax Increment Policy: 5. To facilitate the extension, reconstruction, maintenance and completion of the City’s existing infrastructure network.
SDCL 11-9-8: (1) Not less than twenty-five percent, by area, of the real property within the district is a blighted area or not less than fifty percent, by area, of the real property within the district will stimulate and develop the general economic welfare and prosperity of the state through the promotion and advancement of industrial, commercial, manufacturing, agricultural, or natural resources development; and (2) The improvement of the area is likely to significantly enhance the value of substantially all other real property in the district.