This Redevelopment and Tax Increment Financing Plan and Interlocal Agreement to Implement Plan is the implementation of a Plan through issuance of the Bonds and completion of a Redevelopment Project to have a beneficial financial impact on the City and County in that both will enjoy increased tax receipts from the Site when the Bonds are retired and will enjoy increased tax receipts from nearby properties whose development is influenced and induced by the Redevelopment Project. This Plan can be used in any state.
South Dakota Redevelopment and Tax Increment Financing (TIF) Plan is a strategic framework designed to foster economic development and revitalize targeted areas within the state. Through the implementation of this plan, communities can attract private investment, promote job creation, and improve infrastructure in blighted or underutilized areas. The TIF Plan enables local governments to designate specific areas as redevelopment districts and subsequently implement tax increment financing mechanisms to fund the redevelopment efforts. Under this financing structure, property tax revenues generated from incremental increases in assessed property values within the designated district are captured and reinvested back into the district itself, rather than being allocated to the general government fund. The South Dakota TIF Plan and Interlocal Agreement serve as the legal and operational framework for the implementation of redevelopment projects. The Interlocal Agreement defines the roles and responsibilities of the participating governmental entities, such as cities, counties, and school districts, in implementing the TIF Plan. Additionally, it outlines the process for capturing and utilizing tax increment revenue. Different types of South Dakota Redevelopment and Tax Increment Financing Plans can include: 1. Urban Renewal TIF Plan: Focuses on revitalizing blighted urban areas that require significant redevelopment efforts to attract private investment and improve the quality of life for residents. 2. Industrial or Business Development TIF Plan: Aims to stimulate economic growth by encouraging the development of industrial or business parks, thereby attracting new industries, supporting job creation, and diversifying the local economy. 3. Infrastructure or Public Facilities TIF Plan: Targets the improvement and expansion of public infrastructure, such as transportation systems, water and sewage facilities, and other essential community services to meet the demands of growing populations or underdeveloped areas. 4. Housing TIF Plan: Designed to address housing shortages or promote affordable housing initiatives within specific communities, facilitating the construction or rehabilitation of residential properties and enhancing housing options for residents. Overall, implementation of the South Dakota Redevelopment and Tax Increment Financing Plan and Interlocal Agreement offers a unique opportunity for communities to embark on strategic redevelopment efforts, fostering economic growth, and enhancing the overall livability of designated areas.
