SIOUX FALLS, S.D. (KELO) – From Libertyland in Rapid City and Smithfield in Sioux Falls, TIFS, or tax increment financing districts, have been a big part of news in KELOLAND recently.
On this week’s Your Money Matters More, Mike Bockorny, CEO of the Economic Development Professionals Association, joined us to break down what TIFs are and clear up common misconceptions about them.
“I think the most important thing for people to remember is, you know, there’s a fair amount of misinformation out there and one of the biggest of misinformation is that TIFs are taking current tax dollars out of just the general public’s pocket and utilizing them for private development,” Bockorny said. “That is inaccurate, that is 100% completely false. Nobody is taking any existing dollars away from anybody at all. These are backed by the developers.”…