The Destination District is projected to generate $182,160,520 in NEW property tax revenue (paid exclusively by the property owners in the Destination District) to expand future funding for our schools, roads, and public services over the next 40 years.
On top of that, once construction and new business operations begin, businesses and property owners in the Destination District will right away start contributing to the State of South Dakota and Rapid City’s general fund with new excise and sales tax dollars!
FACT: No current property tax revenue goes to fund a TIF project! What is a Tax Increment (INCREASE)? The South Dakota Department of Revenue Tax Increment Financing (TIF) Fact Sheet states:
A tax increment is the difference between the amount of property tax revenue generated before a TIF district is created and the amount of property tax revenue generated after. The project costs are paid from the money generated by the tax increment, or the difference between the amount of the property tax revenue before the TIF district is created and the tax revenue generated after.
The county, school district, and municipality will continue to receive the same tax revenue they received prior to the creation of the TIF district. After the project costs are paid off, the county, school district, and municipality will begin sharing the total property tax revenue.
FACT: For no more than 20 years – Only the INCREMENT (INCREASE) in property tax revenue resulting from private capital investment goes to advance a TIF project.
FACT: The Destination District currently generates $112,542 per year in property tax revenues. The projected annual INCREMENT (INCREASE) created exclusively by private sector investment in LibertyLand and other elements of the Destination District, is projected to create a new property tax increase (increment) annually of $9,108,026 in year 20 – and thereafter!
FACT: With a No vote January 20th, and no further development of the property’s currently part of Destination District — their property taxes will generate an estimated total of $4,501,668 over the next 40 years to fund schools, roads, and public services.
FACT: Only after private developers put millions of private capital at risk to develop the Destination District and our community’s quality of life will the Destination District generate, over the next 40 years, an estimated $182,160,520 in NEW property tax revenues (paid exclusively by the property owners in the Tax District) to fund our schools, roads, and public services.
Do you agree that having an increase in NEW property tax revenues, generated exclusively by private capital investment, collected over the next 40 years of an estimated $182,000,000 is a good idea? If so, Vote Yes on January 20th!
FACT: As provided for in SDCL 13-13-10.9 an Economic Development TIF like the Destination District will NOT affect school funding. The State of South Dakota uses a formula to calculate the amount of general funding distributed to a school district each year and is designed to hold a school district harmless when an economic development TIF district is created.
Some in our community (which is of course their right) do not want more people to move here. If that is your position, the facts are that we need to grow the economy and tax base of our community so that each of us do not have to pay, in decades to come, a higher percentage of our family’s income to cover the ever increasing costs of public services we “all” need.
Imagine if those who envisioned Mt. Rushmore did not take the risk and make the investment in the time and costs required to carve that mountain. Without that vision and investment, where would the Black Hills, the State of South Dakota, and Rapid City be now? I think we can all agree it would NOT be the thriving community we all know, love, and want to protect.
The locally controlled development team behind LibertyLand, seek that same generational benefit for theirs and our community — and is the core motivation to taking their financial risks associated with proposing and developing LibertyLand as the patriotic heartbeat of the Destination District, here at the foot of the Shrine of Democracy — and grow ours and their community’s quality of life, generate new tax revenues for schools, roads and public services, as well as provide jobs and careers for Rapid City families for generations to come.
Again, if you agree please take time to Vote Yes on January 20th.
Mark Merchen – Economic Development and TIF Subject Matter Expert and Rep. Mike Derby, District 34. For public presentation regarding the FACTS set out herein, contact www.VoteYesJan20.com at info@VoteYesJan20.com.