At the March 7 meeting, the Pierre City Commission established a new Tax Increment Financing (TIF) district and approved additional funding for the development of pickleball courts in Pierre.
TIF
The City’s new TIF district encompasses the old City Hall redevelopment project. It is bordered on the north by Sioux Avenue and on the south by Dakota Avenue; it’s east and west borders are between Highland Avenue and the alley to the east of Chapelle Street.
The estimated $33.4 million project is a private development that includes an apartment complex, hotel, and commercial building. The TIF sets aside $5.4 million of the property tax collected within the TIF district to be used for a limited amount of time to help finance the project improvements.
The TIF plan was previously approved by the City Planning Commission and introduced at the City Commission meeting on February 28.
TIFs are economic development tool that are used throughout the state and have been used successfully in Pierre for the Menard’s development, Clubhouse Inn and Suites development, and the strip mall that houses Arby’s and Papa Murphy’s.
PICKLEBALL
With March 7 commission approval of a budget supplement, the City now has permission to spend the additional funding needed to build four pickleball courts in Griffin Park.
At the Feb. 28 commission meeting, the Commission agreed to pay American Contracting $293,970 to build the courts and agreed to use city labor, fencing, funds, and other materials to complete the project.
A budget supplement was required for the project because project bids came in higher than project estimates. The supplement gives the City permission to spend more than was originally allotted for the pickleball project.
Construction of the 8,800 square foot pickleball development is expected to begin this spring and be complete by the end of 2023.