Tifilicious in Sioux Falls

With the recent passing of a major developer many readers have been asking me the question,

How much did his company get in TIFS just in Sioux Falls?

I could only find numbers back to 2005 (TIFs were introduced in 1989). Since 2005 the developer received around $40 million in TIFS. The developer also has received TIFs in other SD communities, including RC and Madison and I think out of state. This is $40 million taken from property taxes over decades while residential in this town pay 80% of property taxes while these developers skirt their taxation duty. The developer has also received tax rebates from the city. Oh, and let’s not forget paying the mayor $1M over value for his DT building.

I will admit he did a lot to develop downtown, but we paid for a good chunk of it. I have never spoken with him, but I still remember the council meeting before the 2008 recession where they were promoting another tax scam on the residents of SF, and when we crashed, none of the promises were met by the developers. Shocker, I know. Or how the city sat on the Phillips Loft land for 10 years tax free then sold it to him after he received a TIF.

My condolences to the family, I’m sure his legacy will carry on, oh I know it will, some of these TIFs don’t expire until 2035.