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.
Maybe this is the start for another one of those TV documentaries looking for buried treasure. It’s the best way to capture tourists for 10 seasons.
Lloyd does not own that property. Ernest capital does.
Then the listing is incorrect on the GIS site that lists the address of the owner and State Partner LLC.
I do not think the websites get updated frequently. I have used the website to send contact letters out to landowners/property holders to get advice, thoughts, opinions as well, to find that the website info is not updated. I found that it is easier to call, or go to the county to get the actual information direct from public records at times.
“Lloyd does not own that property. Ernest (sic) capital does”
Okaaaay – so Craig Lloyd’s son-in-law owns it?!?!
BTW, Craig Lloyd signed the paperwork to establish the LLC.
Chris Thorkelson, President and CEO of Lloyd Companies provided authorized signature to the most recent Annual Report for the LLC.
Does this project, on the other side of the viaducts, place Craig Lloyd in position to leap frog over Jeff Scherschligt, Mike Huether and Dave Munson as an initial inductee into the self-congratulatory sidewalk pantheon of fame on the 6th St bridge – The Walkway of VUOPM (“Vision” Using Other People’s Money)?
I heard the canaries stadium is open to moving downtown.
I didn’t know it was legal to frack around in Sioux Falls.
But, on a more serious note, that land in not that far from the river, where the Statue of David stands, which was the site of a 19th century coal gasification plant, was it not? So, investors are probably just verifying the financial viability of that land relative to potential toxicity….. Statue of David and gas, I’ll leave the joke to you….
Then it is two separate companies. No different than my dad owning one LLC and I owing my LLC, and my Mom acting as Minority owner in both companies. No big issue here. Company A sells 30 acres to Company B in exchange for Cash in return. Then Company B sells to the Company C which now is owned by owners of company A and B. Not really a huge concern.
The Minnehaha County Treasurer is slated to collect from an entity called State Partners LLC by April 30, the initial installment of real estate tax for the address of the Dept of Social Services offices.
007-grade-sleuth is making the world a better place!
‘Then it is two separate companies.’ It sure is. With the same owner(s). Ask Mr. Drake how that game works, pretty good in SD.
Interestingly enough if you do further research you will also find that Santa’s Workshop and the Texas Book Depository are also at this address, but are ‘separate’ businesses.
I’ve never heard of the Santa Theory before. Please don’t tell me that Rudolph was involved. But he did have a red nose…. AND, Lee Harvey brought a package of “curtain rods” to work and Rudolph liked to deliver packages…. But hopefully it was just Nixon, I mean Vixen and some wooden toys which were handled in the back of Jack Rubys club.