I am not entirely against TIF’s, but it seems the city is starting to hand them out like candy these days (Item #30). Would COSTCO not come to Sioux Falls if they did not get a property tax break? COSTCO only comes to communities if they have the right market (enough households making over $100,000 a year). It has nothing to do with property taxes or values.
It seems city hall is handing out TIF’s to any developer that asks for them. And who can blame the developer? Heck, Lloyd even got taxpayers to pay for some nice landscaping and a spray park in front of one his future properties costing taxpayers millions to subsidize a private developer and hotel.
TIF’s should only be given if an area is hard to develop. A flat piece of land next to 41st street doesn’t really qualify as ‘blighted’ as the TIF states;
I’m sure there is some environmental cleanup, but why is that the responsibility of a municipality in the form of a tax break? Dunham owns the land, if COSTCO wants it the cleanup costs should be included in the purchase price and development.
I will go back to my old argument on TIF’s, if the city thinks it needs TIF’s to develop land in this city, fine, but they need to be offered to homeowners also that are willing to cleanup older properties. It seems if you are a developer, hospital or a special interest all you have to do is snap your fingers and the city will bend over backwards for you offering all kinds of incentives to develop land that will already be developed for a big box store whether they get the TIF or not. I challenge the city council to vote NO on this resolution and see if COSTCO backs out. Doubtful.