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Sioux Falls council approves $500,000 deferred loan for All Saints redevelopment
Summary
The City Council approved an agreement to provide a $500,000 zero‑interest deferred loan to Trade Ministries to demolish four vacant houses and advance a mixed‑use redevelopment in the All Saints neighborhood and Sherman Historic District; vote was unanimous.
The Sioux Falls City Council voted unanimously Dec. 17 to approve a $500,000 zero‑interest deferred loan to Trade Ministries to support demolition and redevelopment along Dakota and Minnesota avenues in the All Saints neighborhood and Sherman Historic District.
Logan Penfield of Planning and Development Services told the council the agreement would secure the loan with a mortgage or promissory note when funds are expended and that the longer‑term plan includes mixed‑use and multi‑unit housing, parking accommodations and increased residential density. Penfield said the loan would be deferred provided Trade Ministries owns and maintains the property under the agreement.
During public comment an attendee identified as a neighborhood activist urged the council to approve the agreement, calling the long‑vacant site “an eyesore” and praising Trade Ministries’ work in the community. Councilor Sale — who had pulled the item for discussion — said the agreement reflects years of work by planning staff, the historic preservation board and neighborhood stakeholders and urged approval.
The motion to approve the agreement passed 8–0. Council direction: city staff will finalize the loan documents and record the security instrument on the property at the time the funds are disbursed.
