UPDATE: TIF History Presentation

FF 1:38:15 – To watch my RANT on TIFs

There will be a presentation at the Sioux Falls City Council informational meeting at 4 PM on TIF History in Sioux Falls (DOC: TIF-History-SF )

You will notice that the mention of blighted property or affordable workforce housing isn’t even mentioned anymore (the original reason TIFs were used). Know they are being used for Market Rate housing, retail and even multi-million dollar condos at Washington Square.

While I do understand the increased value AFTER the TIF’s mature, some of them won’t mature for another 10-14 years.

We really need to get back to the original purpose of TIF’s or stop granting them. I think developers do very well in Sioux Falls, which is awesome, we certainly don’t need to subsidize developers with property tax rebates especially when we are talking out bonds for jails, schools and water plants. It’s very fiscally irresponsible for us to be handing out property tax rebates to wealthy developers when we are taking out over a HALF-BILLION in bonds.



3 comments ↓

#1 Rose Grant on 10.02.18 at 9:51 pm

Tif tax receipts forgone by the city in 2017, 2.5 million. Washington Square, some of the expensive property in Sioux Falls according to the Argus.

#2 JKC on 10.03.18 at 1:27 am

“I was going to move to Stanferd International Falls, but with the way they give out TIFs left and right there, I don’t think I could handle all of the neverending blight (Maybe a splash of taupe would help?)….”

“Oh, but have you heard about the Stanferd International Falls Tax Increment Financing program, which is better known as “SIF & TIF?”….. “Yeah, how it works is, that tax breaks are given to corporations much the way a siphon works, or by taking (sucking) from one to give to an other, that is”…….

#3 Donald Pay on 10.03.18 at 8:29 am

TIFs are a problem all over the country. I live in Madison, WI, where larger developments don’t occur unless the developers get paid off. It’s a racket. I don’t know how it is in Sioux Falls, but when I lived in Rapid City the school district refused to participate in any of these TIFS, so the developers had to pay school taxes. Why should kids have to sacrifice to pay off some rich developer?

TIFs may have started out for a great purpose, but all they are now is another instrument of corruption. Time to reform the process, or end TIFs altogether.

Leave a Comment