RAPID CITY, S.D. (KEVN) – The Sturgis Planning Committee recommends approving a Tax Increment Financing District (TIF) to help finance the development of the new Sturgis Adventure Park, which has been in the works for 2 years.
On Monday, the Sturgis City Council considered the proposal on whether to move forward with the TIF or to reconsider the plan.
The city manager says the plan has taken a while to sort out because the planning committee’s goal from the beginning was to make sure that taxes wouldn’t be raised in the area. He added that the private development adjacent to the park would help pay for the project.
”That’s why the committee then looked for a different option and that option would be tax increment financing. Where the new private development that would occur adjoining it would create new tax revenue that would be used to pay off the bonds the loan that would actually fund the construction of the park,” said Sturgis City Manager Daniel Ainslie.
Ainslie added that this could alleviate some of the housing issues Sturgis has seen, especially with the influx of people to the Black Hills.
According to statistics provided by the City of Sturgis, the housing vacancy rate is less than 1%, which Ainslie says is not bad but is causing issues when it comes to families moving into the area.
“So, it’s really important that we continue to increase the number of available lots. So that we can continue increasing our availability of housing and also the selection of housing,” said Ainslie.
The council voted Monday night to approve the TIF proposal.
Council members said during the meeting that the project would bring in a new, promising economic opportunity.
President of Vanocker Development Kyle Treloar is overseeing the project, and is looking forward to seeing the design stage.
He adds that he looks forward to continue working with the city on this front.
“It’s going to be working with them on the infrastructure needs for the residential development,” Treloar said. “So, it should move pretty quick here moving forward.
The final vote to advance the TIF was unanimous.
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