9-27-37. Local industrial development corporation defined--Organization--Composition--Voting control--Primary objective.
Local industrial development corporation, as that term is used in §9-27-36, is any enterprise incorporated under the laws of the State of South Dakota, formed for the purpose of furthering the economic development of a community and its environs, and with authority to promote and assist in the growth and development of small business concerns in the areas covered by its operation. The corporation shall be organized as a nonprofit enterprise, and shall be composed of no fewer than ten members in municipalities of the first class and no fewer than five in municipalities of the second and third class. A local industrial development corporation shall be principally composed of and controlled by persons residing or doing business in the locality. Such persons shall ordinarily constitute at least seventy-five percent of the voting control of the local development corporation. No member of the development corporation may own in excess of twenty-five percent of the voting control in the development corporation if that member or that member's affiliated interests have direct pecuniary interest in a project involving an application under this section and §9-27-36. The primary objective of the local industrial development corporation shall be to benefit the community as measured by increased employment, payroll, business volume, and corresponding factors.
Source: SL 1976, ch 63, §2; SL 1990, ch 63; SL 1996, ch 40, §3; SL 2000, ch 36, §1.
Structure South Dakota Codified Laws
Title 9 - Municipal Government
Chapter 27 - Acquisition And Disposition Of Real Estate
Section 9-27-1 - Appropriation and condemnation of private property--Resolution of necessity.
Section 9-27-3 - Payment by municipality of prior lien--Foreclosure after municipal failure to pay.
Section 9-27-8 - Proceeds of sale applied to payment of liens--Cancellation of unpaid balance.
Section 9-27-9 - Purchase of tax sale certificates authorized--Amount paid to county.
Section 9-27-29 - Conveyance to school district of property not required for public purposes.
Section 9-27-30 - Resolution for transfer to school district--Deed of conveyance.
Section 9-27-31 - Petition for donation of courthouse site to county--Submission to voters.
Section 9-27-32 - Conveyance to county of courthouse site after approval by voters.
Section 9-27-34 - Exchange of lands with United States.
Section 9-27-34.1 - Exchange of land with private owner--Appraisal--Public notice and hearing.