UPDATE: Is Sioux Steel Development looking for a ‘Massive’ Record Breaking TIF?

UPDATE: Big Thanks to Snevelicious for following up on this story!

So this is taking place next Thursday, April 11 (City Council Meeting Calendar)

4 PM Architecture Ideas and Presentations

Held at the receiving building of Sioux Steel Company, 196 1/2 E. 6th St.

Please park on the west side of the Sioux Steel Building or in The Market

5 PM Heavy appetizers and drinks at The Market, 196 E. 6th St

The Sioux Steel Development folks have already mentioned they want to build a 900 stall parking ramp (or around that size) they have also mentioned using TIF. What they haven’t said is how much. I believe the largest TIF ever given out in Sioux Falls was for the Sanford Sports Complex (I can’t remember the actual dollar amount, but I think it was $9 million and I believe 20 years). The rumor going around is that the Sioux Steel will be asking for a TIF in the amount to cover the construction costs of the parking ramp a number that could range between $20-30 Million dollars. The largest TIF ever given out in the history of the city. It also seems the event next week is away to smooze the city council into this.

Some would look at this as an ‘opportunity’ for the city to get out of paying for a parking ramp like we did Downtown already, but as I look at it, we shouldn’t be contributing anything. TIFs are the largest form of corporate welfare. We should be focusing tax incentives on rebuilding our neighborhoods.

Oh, but it gets even better. Another developer is rumored to be offering the city to buy some of the RR redevelopment land. He said he doesn’t want any TIFs or tax reductions, but he is only willing to pay HALF of the appraised value. They always have to have something. This developer has already raked the city over the coals for other DT developments along the river greenway.

I think it is ironic that all these FREE market, ant-socialist Republican developers in town are the biggest socialists of them all. Maybe we should rename the area ‘Karl Marx Greenway’.



9 comments ↓

#1 Scott Linder on 04.03.19 at 2:31 pm

Sounds like something that Kiley and krew would approve.

#2 Conservative Here on 04.03.19 at 2:53 pm

Agreed! Holy Shit we agree!!!! Those folks are called RINOs and they are an invasive species. I say do away with all welfare, top and bottom. We spend entirely too much money and time focusing bailing out the rich and the poor alike. I say no dice for either bucket and focus on evening the playing field for the middle class. We are the backbone of this country and end up subsidizing both ends of the spectrum

#3 "Very Stable Genius" on 04.03.19 at 7:02 pm

You have the wrong “M” and “S” words. It’s not Marxism, rather it’s more like Mafia; and it’s not socialist(ic), rather it’s just a plain old shakedown.

#4 D@ily Spin on 04.03.19 at 8:45 pm

What’s obvious is there’s nothing about the river bottoms and yards oriented toward profitability. It’s more waste that doesn’t deserve TIF’s. Fascist thinking is nothing but building palaces and monuments to impress the dictator and remind the population they are insignificant.

#5 Ljl on 04.04.19 at 11:16 am

The school is short on money while developers look to skirt taxes. A perfect storm if your a newsman looking for an easy write.

#6 anonymous on 04.04.19 at 5:48 pm

Sioux Steel serves heavy appetizers and drinks to City Council members.

Sounds like a conflict of interest to me!

Will there be a quorum!~?

#7 Warren Phear on 04.04.19 at 6:11 pm

https://www.southdacola.com/blog/2012/05/the-precedent-of-the-sanford-sports-complex-tif/

#8 D@ily Spin on 04.04.19 at 10:28 pm

Sioux Falls for me has always been an airport, low cost of living, and no state income tax. It takes a fool to get involved with unrealistic city regulation, encroachment, and corruption imposed upon private enterprise. I had a SD corporation for 15 years operated out of my home. I never collected sales tax on services from my out of state clients. I always purchased from out of state avoiding sales tax. Then, I operated as such so I could win consulting jobs with a lower bid. Once I discovered how corrupt the city and state are, it is my pleasure to advise newcomers how they can get around supporting government fascists.

#9 Erica on 04.08.19 at 12:15 pm

They arent Rs, just RINOs like Tenhanken.

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