At the City Council meeting on September 15th, the Sioux Falls Development Foundation began the process of establishing a Tax Increment Financing (TIF) District for Foundation Park North.
The purpose of creating the TIF District is to proactively prepare for growth due to the increased interest being shown in South Dakota and Sioux Falls for economic development projects and shovel-ready land. Several lots have active options on them which is driving increased demand to bring the 450 acres of Foundation Park North on-line with infrastructure build-out.
“We don’t have new tenants or projects to announce at this moment, but we are very excited about the interest Foundation Park is receiving,” president and CEO Bob Mundt said. “There are several active deals underway in the park and no current deals are contingent on tax increment financing.”
The first step to establishing this TIF District is approving the boundaries, which the City Council did at its September 15th meeting. Next, the Planning Commission and City Council will be asked to review a Project Plan for the TIF.
“The Project Plan will detail how the TIF will be utilized to prepare the property for development and to stimulate the general economic health and prosperity of our state,” Director of Business Retention and Expansion Mike Gray said. “Those public meetings are expected to take place over the course of the next few months.”
For additional information on land availability, the TIF process, and the Development Foundation, please call (605) 339-0103.