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’.