RESOLUTION ADOPTING DISCRETIONARY FORMULA FOR NEW RESIDENTIAL CONSTRUCTION lN RE-DEVELOPMENT NEIGHBORHOOD – 18-02

WHEREAS the Board of County Commissioners has, by Ordinance, designated all of Sanborn County as a re-development neighborhood pursuant to SDCL 10-6-56; and

WHEREAS the Board of County Commissioners has the authority pursuant to SDCL 10-6-55, after notice to the municipalities of the county, to adopt a formula for reduced taxable value for residential structures constructed in redevelopment neighborhood; and

WHEREAS notice has been given to the municipalities of Woonsocket, Artesian, and Letcher that the County intends to adopt such a formula:

NOW, THEREFORE, BE lT RESOLVED by the Board of County Commissioners of Sanborn County as follows:

1. That the property specially classified pursuant to SDCL 10-6-54 shall be valued for tax purposes as follows:

a. For the first tax year following commencement of construction, 20 percent of the assessed value shall be used for tax purposes;

b. For the second year following commencement of construction, 40 percent of the assessed value shall be used for tax purposes;

c. For the third year following commencement of construction, 60 percent of the assessed value shall be used for tax purposes;

d. For the fourth year following commencement of construction, 80 percent of the assessed value shall be used for tax purposes;

e. For the fifth year following commencement of construction, 100 percent of the assessed value shall be used for tax purposes;

2. That this resolution should apply to structures that are partially constructed as of November 1, 2018, and to structures on which construction is commenced on or after November 1, 2018.

Ayes 5, Nays 0.

Dated this 18th day of September, 2018.

JEFF EBERSDORFER

Chairman, Sanborn

County Commission

ATTEST: DIANE LARSON

Auditor

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