1-16G-59. Factors for board review of application.The 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. Source: SL 2013, ch 7, §27, eff. Mar. 20, 2013; SL 2018, ch 70, §46; SL 2021, ch 44, § 44.
South Dakota Legal Code