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-SFÂ )
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.