Yankton County, South Dakota: Napa Junction Rail Industrial Park Tax-Increment Financing
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2021-01-01
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Abstract:A private developer purchased a property to build a rail-served industrial park with specialized grain-handling facilities, supporting regional economic development goals, but the site lacked the necessary highway access. A partnership between a county government and a private developer allowed the county to receive a low-interest loan through the State DOT infrastructure loan program for local governments to upgrade a gravel road to a concrete industrial access road. The loan is repaid by the tax increment from a TIF district, with risk to the county mitigated by a guarantee from the private developer to meet debt service obligations in years when the increase in property values does not generate sufficient tax increment to meet loan payments.
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