Is this property being leased from the city?

I noticed that the developer of the Cascade has been using city property in Falls Park West as staging ground for the development. I wonder if the developer is leasing the property while using it and if they will repair the cover when done at their expense?

I find it ironic that the citizen taxpayers held this land for over a decade, collecting NO taxes on it for the developer and now they are using more of the property. They also received a large TIF for the project. These apartments are not workforce housing, these are market rates. The studios go for $895 a month and single bedrooms go for $1,200 a month, hardly ‘affordable’ housing. So what really is the city getting in return for the TIF? Well like most TIFs in Sioux Falls, not a damn thing except higher property taxes for the rest of us especially with another opt-op looming for the county and the SFSD. It’s time for us to end the corporate welfare practice of TIFs.



2 comments ↓

#1 "'Extremely' Stable Genius" on 06.19.19 at 5:13 pm

But, but, Councilwoman Erickson said, when they approved this TIF, that we don’t need to worry about the negative impact that TIFs can have on school district revenues, because she said Pierre always acknowledges TIFs and makes up for them. Plus, as you know, Pierre has all kinds of money for education and is quite lenient with it, too…..#AnyoneInterestedInABridgeIHave4Sale?

#2 Warren Phear on 06.19.19 at 6:06 pm

$2 a square ft a month for a studio? Gee. Where can I sign up for this deal?

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