The Spearfish City Council is expected to vote Monday on creating a new Tax Increment Finance District to support a proposed 98-unit apartment complex, The Pines at Elkhorn Ridge, near Peaceful Pines Senior Living on St. Onge Road.
The proposed TIF 10 would help fund public infrastructure tied to the project, which city officials say addresses a growing need for “attainable” rental housing. Rents would be capped at 80% of area median income for 10 years, with developers planning rates below that threshold.
City staff estimate the city’s share of the TIF over 20 years would be about $250,000 to $275,000, calling it a modest investment toward easing housing shortages as Spearfish continues to grow.
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