Sioux Falls City Council approves TIF boundaries for Foundation Park
SIOUX FALLS, S.D. (Dakota News Now) - The Sioux Falls City Council has approved phase one of a “Tax Increment Financing” application for Foundation Park.
The TIF outlines more than 500 acres in the industrial park that still need to be developed.
Sioux Falls Development Foundation Director of Business Retention and Expansion Mike Gray says this TIF is a proactive move in the development of Foundation Park’s TIF district.
“It begins the process for the state, the county, and the city to start establishing base values (of land) out at Foundation Park North," Gray said.
Sioux Falls Director of Planning and Development Services Jeff Eckhoff agrees and says the TIF is an important part of attracting businesses to the area.
“In the economic development world, it’s very competitive as far as what other states offer for projects, especially large projects creating jobs," Eckhoff said. "This is a way for us to help the Development Foundation reduce some of those upfront costs of development, put that back into the project, and make them more competitive on the land prices.”
Several large companies have already committed to the park, and city leaders say the industrial park continues to draw significant interest from businesses that are expanding or relocating.
“That’s why Foundation Park was built, for these large projects that need 40 acres, 80 acres, 100 acres, or more,” Eckhoff said.
Gray says it has been exciting to watch the area’s growth unfold since the park was created several years ago.
This TIF gives the Sioux Falls Development Foundation, who owns the property, the funds needed to build roads, sewer systems, and install other utilities that investors expect.
“We still have further conversations to go, and more conversations to be had before this is final, but so far everyone has seen the vision, long term," Gray said. "Having Foundation Park shovel ready for business to come in and create those jobs, long term, everyone has been on board with that vision, and excited about it.”
The next step in the process will be to finalize a project plan of the TIF district.
Gray says those details are expected to be presented to the Sioux Falls City Council in the coming months.
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