Tax Increment Financing District approved for 216 new apartment units on Watertown’s north side (Audio)

Mike Tanner/KWAT

February 16, 2021
Mike Tanner

WATERTOWN, S.D.–The Watertown City Council on Tuesday night approved creating a development subsidy known as a Tax Increment Financing (TIF) District for the construction of 216 apartment units spread over three new buildings on the city’s north side.

City Attorney Matt Roby spelled out the details of this project, which will be located on the northwest corner of Highway 81 and 16th Avenue Northeast (pictured)…

Watertown Development Company Executive Director Chris Schilken says these new apartments won’t be considered low-income housing, but will be affordable workforce housing…

The developer on the project is Fargo-based The Plains Apartments LLC.

It’s expected that the entire complex will be constructed over a three year period.