South Dakota SB207 requires a vote to approve the creation of tax increment financing districts if project costs exceed $15 million.

South Dakota SB207 mandates that a special election must be held to approve the creation of a tax increment financing district if the estimated project costs exceed $15 million. The governing body must call this election within 45 to 60 days of adopting the resolution establishing the district. The election must follow the same procedures as a regular election. This bill also outlines the requirements for the boundaries and naming of the districts.

South Dakota SB207 requires a vote to approve the creation of tax increment financing districts if project costs exceed $15 million.

South Dakota SB207 mandates that a special election must be held to approve the creation of a tax increment financing district if the estimated project costs exceed $15 million. The governing body must call this election within 45 to 60 days of adopting the resolution establishing the district. The election must follow the same procedures as a regular election. This bill also outlines the requirements for the boundaries and naming of the districts.