GeoTek surveying the Riverline District Property • 2/7/23 (H/T to a South DaCola Foot Soldier for providing me the links)
That is an excellent question with few answers and a whole lot of speculation.
If you do a little research on the Minnehaha County GIS you will see where the current SD Social Services building is sitting. That property is NOT owned by the state but an LLC called ‘State Partners LLC’. The listed business address for the LLC is 101 South Reid Street, Suite 201 which is the exact same office address of Lloyd Companies in Downtown Sioux Falls.
While the information I provided above is factual, the rest of the story is purely speculative.
So why would a developer who already owns a huge chunk of this property (there are other individual owners for the smaller parcels) want to sell it to the city which passes it back to the development foundation and potentially SECOG then turns around and pitches it to the very developers who sold it to the city to begin with?
I know, baffling, but you know there has got to be a catch.
Now for the speculation; It could be that the developer is going to make money on both ends – current LLC sells high to the City; new LLC controlled by developer buys cheap from SF Development Foundation, after one or both suck TIF money for the project (and various other grants and tax rebates they can conjure up).
The other reason for city involvement could be in order to facilitate a land trade – offer city park and greenway property in exchange for land on which a stadium and parking would be placed (sound familiar)?
I really have no idea what path this project is taking, but we have to keep a close eye on the players and the conflicts of interest if taxpayer capital is involved. Just like the Bunker Bridge the council will probably only have a couple of hours to decide on this project.