Rapid City proposes updates to its TIF policy
RAPID CITY, S.D. – Rapid City is proposing an update to its tax increment financing policy (TIF). On Wednesday, a public meeting was held at City Hall to discuss the proposed revisions. TIF is a government tool that helps businesses financially by providing low-interest loans.
The city claims that these revisions will promote development, improve the certification process, and assure that TIF is being used responsibly.
Community development hopes to establish a “core area” which is one mile within the original town limits. That area would then be prioritized to attract the kind of traction the downtown area receives. Although it will have priority, it does not eliminate the possibility of using TIF on the outskirts of the core area.
Ken Young, Community Planning and Development Director, wants to affirm that the proposal is a draft and open to suggestion and comment from the public.
“There has been a need and a concern addressed over the years that we’re letting our core go a little bit and we’re focusing too much on development in the outskirts of the community. So because of that, we’ve determined that it would be beneficial for us to put a little bit more emphasis on the core of the community,” said Young.
As of now, there is only a draft of revisions and nothing is official. Once a final draft is constructed it will be presented to Common Council.