The Pennington County Board of Commissioners has approved a $68 million tax increment financing district to support a large mixed-use development near Rapid City.
Commissioners voted 4-0 to approve the Black Hills Marketplace TIF, covering about 192 acres south of Catron Boulevard. The project includes plans for retail, restaurants and residential development.
County officials said the project could ultimately exceed $500 million in value and generate about 900 full-time jobs along with 2,000 construction jobs.
Plans call for about 400,000 square feet of commercial space, a 500-unit multifamily development and 130 single-family homes, along with major infrastructure improvements.
A small portion of the project falls within Rapid City limits, and city officials previously approved including that land in the district. The county expects the broader area to be annexed into the city as development advances.
Officials said the TIF will help fund road construction, utilities and other improvements needed to support growth in the area.
Comments