Isabel Town Board holds hearing on Tax Increment Financing District

Edgar's picture

Several citizens joined the Isabel Town Board on Tuesday, May 7 at a public hearing to discuss implementation of a Tax Increment Financing District(s) on Main Street.

Up for discussion was whether to make the former Isabel Dakotan property, now owned by Tri-County Chiropractic, a TIF area and possibly the Locken Oil property. A tax increment is the difference between the amount of property tax revenue generated before a TIF district is created and the amount of property tax revenue generated after.

After initial discussion around the issue at the April meeting, a public hearing was the next step. New board chair Ryan Maher and present trustees Peg Ley and Daryl Pfaff read through the procedural guide from the SD Dept. of Revenue. The document states that if the project is privately owned, “there must be some public use or benefit.” Properties added into the TIF district would have 5 years to build. The TIF cannot exceed 20 years, and is over once the project owner has repaid their financing.

 

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