3.25.040  Special assessments.
   A.   The real property in the district shall be subject to an annual special assessment based upon the special benefit to the property within the district as authorized by SDCL § 9-55-2. The special assessment shall be fair and equitable as required by SDCL § 9-55-7. The rate of each special assessment shall be determined pursuant to SDCL § 9-55-13 based upon the following formula:
      1.   For property in Zone 1, an assessment of $1.50 per $1,000 of assessed valuation of property.
      2.   For property in Zone 2, an assessment of $0.75 per $1,000 of assessed valuation of property.
      3.   The maximum assessment on each property shall be capped at $3,000 for the year 2010, and such cap shall be increased each year thereafter by 3.5%.
   B.   The assessments shall be subject to adjustment by the City Common Council by resolution as provided in SDCL Ch. 9-55.
(Ord. 5591 (part), 2010)