City proposes changes to TIF polices to make review process faster

Development in Rapid City

RAPID CITY, S.D. (KEVN) - Drawing more than 30 members of the community, the open house hosted by the City of Rapid City focused on changing the current tax increment financing or TIF's policy that has been in place since the 1980's.

TIF's are used for redevelopment, infrastructure and community development, giving a temporary tax break to developers.

The City proposed shortening the review process for applicants in hopes of making it more efficient.

By taking the TIF committee out of the review process, TIF proposals only need to go before the Planning Commission and the City Council.

With 22 active TIF's currently, the City plans to bring this proposal to the Planning Commission on November 21.