The purpose of this subchapter is to promote economic development within the city area. SDCL § 10-6-35.2 allows for a property tax benefit on new construction of structures or additions which have an assessed value of $30,000 or more. This subchapter will grant a special tax classification to all new industrial or commercial structures or structure additions which have an assessed value of $30,000 or more. In order to qualify for the special tax classification; such structures must be located within 3 miles of the city's corporate limits or within the city limits itself.
(Prior Code, § 3.06.010) (Ord. 137, passed 2-19-1996)