TIF District approved for new economic development project along Highway 212 in Watertown (Audio)
June 6, 2022
WATERTOWN, S.D.–The Watertown City Council approved a $2.5 million dollar Tax Increment Financing District Monday night for the purpose of economic development
Tax Increment Financing is a geographically targeted economic development tool that captures the increase in property taxes resulting from new development, and diverts that revenue to subsidize that development.
City Attorney Matt Roby says in this case, the TIF District will support new development along Highway 212, just east of Montgomery’s Furniture…
Roby says the primary objective of this TIF District is to support economic development in northeast South Dakota. The development is expected to create jobs, fill needed positions for area employers, and provide site improvements which in turn are expected to enhance Watertown’s ability to encourage future growth by attracting workforce and new businesses.