It shouldn’t be a surprise that this developer is asking for a TIF for a project that doesn’t supply ANY affordable housing;
The apartments will start at around $995 for studios, $1,295 for one bedrooms and $1,895 for two bedrooms.
Luke Jessen, senior director of development at Lloyd, said the company will ask the city for an $8.75 million TIF, although a hearing date has not yet been scheduled.
$995 for a hole in the wall apartment in Rapid City, seems reasonable? Notice how many groups it must go through before approval;
The project will soon appear on the Tax Increment Finance District Review Committee, Planning Commission and Historic Preservation Commission agendas.
We may be served well if we had such a committee;
The committee is comprised of two Rapid City Council members, two Pennington County Commissioner members, one Rapid City Planning Commissioner, one Rapid City Area School District representative, and one Economic Development Partnership representative.
If we had a committee like this, there might be transparency in the process, they actually meet in council chambers and members of the public can attend to see how the TIF is negotiated. What a concept! In Sioux Falls they are negotiated in the basement of the planning office then rubber stamped by the Planning Commission and City Council.