SIOUX FALLS, S.D. (KELO.com) — The planned Sioux Steel development in Sioux Falls received some tax relief from the Sioux Falls City Council on Monday night.
The City approved about $21.5 million in tax increment financing to fund a parking ramp on the property, which will also include a hotel, a convention center and office space.
“The TIF that they’re requesting is entirely for the parking ramp,” Councilor Rick Kiley said. “That will have a public benefit.”
The money toward the parking ramp is in exchange for taxes the developers would pay on the property. Councilor Greg Neitzert said the development is worth providing the tax relief.
“We are very conservative with our usage of TIF, unlike sometimes other communities,” Neitzert said. We’re very selective; we look for these game-changing projects.”
The project will be along the Big Sioux River near Sixth Street, adding high-rise buildings to the city’s skyline.
“This is a dynamic, amazing development that will bring a lot of people to the downtown area,” Councilor Christine Erickson said.
