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Planning commission forwards $510 million Black Hills Marketplace TIF to county commissioners
Summary
The Pennington County Planning Commission voted to forward a proposal to establish Tax Increment Financing (TIF) District No. 8 for the Black Hills Marketplace — a roughly 192-acre, mixed-use project with an estimated $510 million project value — to the Board of Commissioners with staff recommendation.
The Pennington County Planning Commission voted May 26 to forward a proposal to establish Tax Increment Financing District Number 8 for the Black Hills Marketplace to the Pennington County Board of Commissioners with the planning staff's recommendation.
Planning Director Britney Hand told the commission the Black Hills Marketplace project covers roughly 192 acres (including right-of-way) at the southwest corner of Catron Boulevard and Fifth Street and would redevelop the site to mixed-use commercial, hospitality, residential and public infrastructure. "Staff is recommending approval of this tax increment financing district and associated project plan for the Black Hills Marketplace," Hand said.
Hand told commissioners the applicant projects an estimated total project value of approximately $510,000,000, with more than 400,000 square feet of retail, restaurant and other commercial space, approximately 130 single-family homes on more than 40 acres, and a 500-unit multifamily development. The project plan also includes major public improvements such as extensions of Black Hills Boulevard and Fifth Street, turn lanes on Catron Boulevard, utility and sewer infrastructure, regional drainage and two regional detention ponds, and a 6–9 acre site to be dedicated for a future Pennington County maintenance facility.
Commissioners pressed staff and the developer on fiscal assumptions used in the financing model. A commissioner noted the developer's materials used a 6% interest-rate assumption and asked whether that rate could change over the life of the TIF. Mitch Holan, a principal with Woodsonia Real Estate (the developer), who appeared by video, responded for the development team: "We're using a 6% interest rate. ... This would be set through the course of the project. It would not increase. It would not decrease." Holan said the developer prefers locking a flat rate to facilitate bank financing for a long-term project.
Commissioners also asked about the boundary and maps; Hand said the proposed TIF boundary is limited to the Black Hills Boulevard corridor included in the packet and that some adjacent units shown on illustrative maps were being held for future owner plans and are not included in the current TIF request.
After discussion, a commissioner moved to forward the TIF proposal and project plan to the Board of Commissioners with staff recommendation; the motion was seconded and carried by voice vote. Hand confirmed the item will appear on the Pennington County Board of Commissioners agenda on June 3, 2026.
The planning commission record shows supportive comments about the project's potential for housing and retail, and a developer representative on the record as Mitch Holan, principal at Woodsonia Real Estate. The commission's action was to forward the item with recommendation; the Board of Commissioners will make the final decision.
