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(a) This subchapter shall apply only to those new commercial residential structures or additions that meet the requirements of the Midtown Mixed Use–Low Density (MMU1), Midtown Mixed Use–Medium Density (MMU2), or Midtown Mixed Use–High Density (MMU3) zoning districts.
(b) Any person desiring to claim reduced taxation shall make an application to the Planning and Development Services Department on or before the date a building permit is issued for the construction of a structure or facility. The application shall be submitted on a form prescribed by the city and include a copy of the site and building plans.
(c) Upon approval of the application, the planning and development services department shall notify the applicant stating whether the facility is eligible to receive reduced taxation.
(d) In January, the year following completion of the project, planning and development services department will certify those improvements which qualify for reduced taxation to the director of equalization in the county in which the real property is taxed. New construction tax incentives are not assignable or transferable, except as collateral or security pursuant to SDCL ch. 57A-9, Secured Transactions.
(Ord. 40-24, passed 5-14-24)
(a) All new qualifying Midtown Mixed-Use structures or additions, which have a full and true value of $500,000 or more, added to real property, shall be taxed pursuant to the following formula during the six tax years subsequent to the completion of their construction:
(1) The full and true value of the structure shall be determined in the usual manner by the director of equalization;
(2) For the first and second tax years following construction, 25% of the taxable value shall be used for taxation purposes;
(3) For the third and fourth tax year following construction, 50% of the taxable value shall be used for taxation purposes;
(4) For the fifth and sixth tax year following construction, 75% of the taxable value shall be used for taxation purposes; and
(b) The taxable value of the structures or additions, during any of the seven tax years subsequent to the completion of their construction may not be less than their taxable value in the year preceding the first year of the tax years following construction.
(c) For the seventh and all subsequent tax years following construction, the structures or additions, shall be taxed in the same manner as all other similar commercial residential property within the city.
(d) Any structures or additions, the construction of which is only partially completed on any assessment date, shall be assessed for taxation purposes in the usual manner.
(e) The new construction tax incentive shall be discontinued if the project use changes to a nonqualifying use during the seven-year period so that it would be ineligible under the new use.
(Ord. 40-24, passed 5-14-24)
For the purposes of this subchapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
COMMERCIAL RESIDENTIAL. Any residential structure containing four or more dwelling units.
MIDTOWN MIXED-USE STRUCTURES. Any commercial residential structures that meet the applicability referenced in § 37.086.
PERSON. Any individual, firm, co-partnership, joint venture, association, cooperative, nonprofit development corporation, limited liability company, limited liability partnership, corporation, estate, trust, business trust, receiver, or any group or combination acting as a unit.
(Ord. 40-24, passed 5-14-24)
In July of each year, planning and development services department shall submit a report to the city council of all eligible completed new construction projects which qualified for the discretionary formula beginning in December of 2008. The report will include the description of each qualified property, the base full and true taxable value, the new adjusted full value of new construction and improvements and the amount of discretionary loss of taxable value as defined in city ordinance of 100%, 80%, 60%, 40% or 20% for each year of the eligible tax abatement.
(1992 Code, § 39-139) (Ord. 32-08, passed 3-3-2008; Ord. 64-20, passed 8-4-2020)
DOWNTOWN SIOUX FALLS BUSINESS IMPROVEMENT DISTRICT
The business improvement district created in this subchapter shall have the following boundaries:
Beginning on the north right-of-way line of Third Street at its intersection with the west right-of-way line of Minnesota Avenue; then east along the north right-of-way line of Third Street to its intersection with the west right-of-way line of the alley located between Dakota Avenue and Main Avenue; then north along the west right-of-way line of the alley located between Dakota Avenue and Main Avenue to its intersection with the north right-of-way line of First Street; then east along the north right-of-way line of First Street to its intersection with the west right-of-way line of Main Avenue; then north along the west right-of-way line of Main Avenue to its intersection with the south property line of Tower Park; then east approximately 591 feet to the west right-of-way line of Phillips Avenue; then north along the west right-of-way line of Phillips Avenue to its intersection with the north right-of-way line of McClellan Street; then east along the north right-of-way line of McClellan Street to its merging point with the north right-of-way line of Falls Park Drive; then east along the north right-of-way line of Falls Park Drive to its intersection with the west right-of-way line of Weber Avenue; then south along the west right-of-way line of Weber Avenue to its intersection with the south right-of-way line of Sixth Street; then east along the south right-of-way line of Sixth Street to its intersection with the west right-of-way line of Nesmith Avenue; then south along the west right-of-way line of Nesmith Avenue to its intersection with the south right-of-way line of Seventh Street; then east along the south right-of-way line of Seventh Street to its intersection with the west right-of-way line of Franklin Avenue; then south along the west right-of-way line of Franklin Avenue to its intersection with the south right-of-way line of the former Chicago, Rock Island and Pacific Railroad; then south approximately 755 feet to an intersection with the west right-of-way line of the Burlington Northern Railroad; then southeast along the west right-of-way line of the Burlington Northern Railroad to its intersection with the south right-of-way line of 14th Street; then west along the south right-of-way line of 14th Street to its intersection with the east right-of-way line of Minnesota Avenue; then north along the east right-of-way line of Minnesota Avenue to its intersection with the north right-of-way line of Third Street being the point of beginning, or as otherwise changed pursuant to SDCL 9-55-11.
(1992 Code, § 39-142) (Ord. 114-89, passed 10-23-1989; Ord. 07-06, passed 1-3-2006; Ord. 60-07, passed 5-7-2007; Ord. 80-11, passed 10-11-2011)
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