State’s report on TIFs lacks ‘economic impact’ data

Maybe it isn’t in the report, because there is very little economic impact from TIFs, they NEVER pay for themselves in JOBS created and take money from school funding, something we need in SF instead of bonding.

As you can see from the Sioux Falls TIFs a lot tax rebates with little evidence of a benefit to the public; 2017TIFAnnualReport-SF

Here is the entire statewide report; 2017TIFAnnualReport

As you can see, a lot of property tax revenue being given to wealthy developers in the guise of ‘economic development’. If TIF’s truly worked, why not give them to EVERY developer? It’s a sad day when the school district has to have a bond vote when they could easily pay down the bonds with property tax revenue that wasn’t tied up into TIFs.



9 comments ↓

#1 Bond Perilous on 07.09.18 at 9:49 pm

The Governor’s annual report covers the what, where, when, and why of TIFs issued thus far. That’s it. It’s not an economic impact analysis.

#2 l3wis on 07.09.18 at 9:56 pm

And a lot of that information is missing to. What was the point?

#3 Bond Perilous on 07.10.18 at 12:16 am

I too wish it was more comprehensive. It certainly can’t be used as evidence that TIFs are ineffective though. At least it’s a starting point for future analysis.

#4 l3wis on 07.10.18 at 8:42 am

Yeah, wouldn’t it be nice if one of our public universities actually did a comprehensive study on it? You know, like a giant board with colored yarn on it. Oh wait, no one is allowed to talk about the big board outside the room in which it presides because the professor who cooked it up is paranoid the ghost of Janklow will haunt him.

There will NEVER be a comprehensive study on TIF’s, because it will show what all other TIF studies have, they never pay for themselves and have very little benefit to the public. It’s just better to believe the lie than to try to justify it, that’s to much work.

#5 l3wis on 07.10.18 at 8:59 am

I think Cory sums up how shotty the report is;

http://dakotafreepress.com/2018/07/09/first-statewide-tif-report-shows-1-4-billion-in-new-property-value-dedicated-to-paying-developers-costs/#comment-108108

#6 JKC on 07.10.18 at 12:44 pm

“…..and take money from school funding….”

But, but during the last TIF approval, Councilor Erickson said that the State reimburses school districts which lose funding due to TIFs…. Because you know, our State has all kinds of funds that are ready and able for school districts (JK on the latter)….

FF: 09:07

https://www.youtube.com/watch?v=8bl19RoR7lc

#7 JKC on 07.10.18 at 12:54 pm

Oh, and l3wis mentioned that yarn board. I would love to see a yarn board involving the State sale of the State Cement Plant, too.

#8 The Guy from Guernsey on 07.11.18 at 8:03 am

JKC, Were there mysterious instances of “death by shotgun” associated with the sale of the state cement plant and which should be placed on the yarn board?

#9 The Guy from Guernsey on 07.11.18 at 8:06 am

Is DJT aware that a Mexican company now owns the cement plant?

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