A Lloyd Companies rendering of the proposed Sioux Steel redevelopment in downtown Sioux Falls.
SIOUX FALLS, S.D. (KELO.com) — Sioux Falls city councilors will consider signing off on a tax break Tuesday night for a big development project downtown.
The city council will vote at its meeting on whether to establish tax increment financing (TIF) for the Sioux Steel development, which would feature a hotel, office building, parking ramp and apartments, as well as retail space.
The developer, CR Lloyd Associates, is requesting about $21.5 million in tax relief for the $194 million project. They say most of that money will go toward parking infrastructure.
A TIF essentially allows a developer to pay less in taxes in exchange for improving an underdeveloped area of land.
The developers of the Sioux Steel project applied for a TIF last year, but it was put on hold because of the pandemic.
Comments