The Sioux Falls City Council will consider a new tax increment financing district for part of Foundation Park next month as Smithfield Foods moves closer to purchasing 200 acres for its new $1.3 billion pork processing plant.
“Without a TIF, this project doesn’t happen,” Mayor Paul TenHaken said.
The TIF largely would fund a dedicated wastewater treatment plant at the new location in northwest Sioux Falls. Smithfield would be able to use up to $90 million of the incremental new property tax revenue generated on the site over the next 10 years — funding about half the cost of the wastewater treatment plant it needs to build.
Smithfield would upfront all project costs and be reimbursed after the project’s completion and only up to the total amount the tax increment generates…