Council to consider investment authority

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BROOKINGS – The Brookings City Council will consider forming the Brookings Health System Investment Authority, an industrial development corporation associated with the city.

The council will meet at 6 p.m. Tuesday at the City & County Government Center at 520 Third St.

“Brookings Health System (BHS) is requesting a change in the City Investment Policy whereby a newly-created board comprising of existing BHS board members and the CEO, be authorized to exclusively invest BHS funds,” according to an attachment to the agenda available on the city’s website. “Currently, all city funds are aggregated to include City, BMU and BHS and invested by the city finance director; usually on a competitive placement process. Even with this process, BHS and BMU have always had access to their funds to meet their cash flow or expenditure needs.”

BHS CEO Jason Merkley and other representatives are scheduled to be at the meeting to offer more explanation, the attachment said.

The council this week will also re-visit the topic of the total debt load of Tax Increment Finance (TIF) District #7, which includes infrastructure improvements on Main Avenue South and 20th Street South.

“The project was competitively bid and the original area assessment cost per acre was $3,584; however, the city agreed to reduce the cost per acre to $2,850 for all properties benefiting from the improvements. In addition, the city offered a financing plan to both Oakwood Equity and Prairie Hills, LLC, whereby the assessment would be payable in five annual installments at 0 percent interest,” according to the attachment.

“The city fronted the costs of these improvements with the expectations the investment would be recouped through assessments and increment generated from development within the tax increment district.”

The council also plans to have more discussion on the 2018 proposed budget, which the group started last week.

Action is expected on a preliminary plat in the Arbor Hill Addition. The plat includes 73 residential lots and two lots for drainage infrastructure, according to the attachment. The property is located south of 20th Street South between Bluegill Estates and Hillside Mobile Home Park.

There will be a first reading on an ordinance to establish a storage yard in Sheldens Subdivision (703 Main Ave. S. and 709 Main Ave. S.). The public hearing is set Aug. 8.

In other business, the council:

  • Will accept an “Excellence in Conservation” award from the South Dakota Natural Resources Conservation Service for the Big Sioux River Watershed Project;
  • Will have a public hearing on a liquor license for Whiskey Creek Wood Fire Grill for an event on Aug. 4 at the SDSU Research Park;
  • Will appoint Laura Crooks for a three-year term and Taylor Wold for the one year term to the Brookings Committee for People who have Disabilities; and Eric Rasmussen for a five-year term to the Planning Commission.

Contact Jodelle Greiner at jgreiner@brookingsregister.com.