It took the property tax discussion to get this out in the open, TIFS ARE NOT GOOD, ESPECIALLY IF USED ONLY FOR ECONOMIC DEVELOPMENT;
“That told me they were not providing the oversight on these TIFs, that they were just rubber stamping them,” Sibson said.
Well, Sibby, that is what communities across the state do. They are sold a shiny ball and they approve it.
“If they’re not done correctly, they end up being simply subsidies for certain private entities. That’s my overall concern,” Sibson said.
And that is ALL they are these days. Developer Welfare. Parking ramps and condos? How does this benefit the general public? I think if reverted back to Industrial and Affordable Housing which combined only make up 8% of TIFs across the country, you would see more value in them. I think that is what the State Legislature plans to do, or at least make an attempt at changing the law. Good Luck! Sioux Falls and Rapid City and all other larger communities in SD will fight you tooth and nail on this one.