SD SB203

Requires governing bodies to submit tax increment financing (TIF) district project and financing plans to an independent third party for review before establishment

Mandates the independent review include a cost-benefit analysis, projected changes in property tax distribution over time, and estimated effects on employment, housing, and economic output

Adds a new approval requirement that the review must indicate the project's social or economic benefits exceed its costs to property owners and political subdivisions within the district

Adds "financing plan" as a defined term in TIF law, meaning the intended methods and revenue sources for paying project costs