SB109 modifies requirements for creating a tax increment financing district in South Dakota.

SB109 amends the criteria for establishing a tax increment financing district in South Dakota. It requires a resolution from the governing body to include findings that the project's social and economic benefits exceed costs, and that the district will stimulate economic welfare. The bill also mandates a special election if project costs exceed $15 million. It redefines "project costs" to include capital, professional service, imputed administrative, relocation, and organizational costs.

SB109 modifies requirements for creating a tax increment financing district in South Dakota.

SB109 amends the criteria for establishing a tax increment financing district in South Dakota. It requires a resolution from the governing body to include findings that the project's social and economic benefits exceed costs, and that the district will stimulate economic welfare. The bill also mandates a special election if project costs exceed $15 million. It redefines "project costs" to include capital, professional service, imputed administrative, relocation, and organizational costs.