Section 1-16G-59 - Factors for board review of applicationThe Board of Economic Development shall review an application and make a determination of whether the project is approved or disapproved. The board shall consider the likelihood that the project would have occurred without the reinvestment payment. The board may approve a reinvestment payment that is equal to or less than South Dakota sales and use tax paid on the project costs.
The board shall consider the following factors when making that determination:
(1) Has the county or municipality adopted a formula to reduce property taxation for the project for five years under the discretionary formula pursuant to § 10-6-137;(2) Has the county or municipality approved a tax increment financing district pursuant to chapter 11-9 for the area where the project will be located;(3) Has the municipality approved a municipal sales tax refund pursuant § 10-52-10;(4) Economic activity that may occur in the community, area, and state; and(5) Criteria established by rules promulgated pursuant to § 1-16G-67.SL 2013, ch 7, §27, eff. Mar. 20, 2013; SL 2018, ch 70, §46; SL 2021, ch 44, §44.Amended by S.L. 2018, ch. 70,s. 46, eff. 7/1/2018.