For Immediate Release: Friday, February 20, 2015
CONTACT: Jerry Derr at 605-720-1625
TIFD Data Projects State Contribution of Over $3 Million to Finishing Fort Meade Way
Sturgis, SD - Meade County has released the first projected revenue data for the proposed TIFD to pay for completing Fort Meade Way. The most conservative estimates indicate payoff of the road in nearly half the time required by statute and about a $3.5 million contribution from the state, through the state school aid formula.
State aid provides the equalization of funding to districts. Based upon school enrollment and what schools are entitled to through state aid, the district is guaranteed that amount through a combination of local property tax and state property tax. The local property tax puts in the bucket first and then state aid fills whatever is needed to make the district whole to the level they are guaranteed. The establishment of a TIFD would not impact the amount of revenue that the district is entitled to through the state aid formula for the general fund.
“These numbers are a little better than I had thought they would be, and they assume no pipeline or development within the TIFD area. I'm hoping Meade County voters will see the wisdom in allowing the state to pay over $3 million of the cost of finishing Fort Meade Way,” said Chairman Aker.