SIOUX FALLS, S.D. (KELO) — The City of Sioux Falls is seeking to use tax increment financing, or TIF, at the new Smithfield site. Today, city officials explained to Minnehaha County Commissioners how TIFs would help Smithfield and Sioux Falls residents.
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In the next few years, Sioux Falls’ longtime meat processing plant will relocate from its downtown location. When it does move to Foundation Park, the plant plans to operate its own wastewater facility.
“By providing their own wastewater treatment plants and not having the city have to take on that capacity, it prevents taxpayers future infrastructure and maintenance cost,” said Dustin Powers, business development coordinator for the City of Sioux Falls.
TIFs will help Smithfield to offset the costs of building the plant. The plan will be presented to city councilors for the first time in early March. It would allow Smithfield to receive reimbursement payments up to $90 million dollars…