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Council approves TIF for Prairie Haven phase II to support 75 homes
Summary
The council established Tax Increment Financing District 24 for Prairie Haven’s second phase, authorizing up to $4.41 million in TIF‑eligible infrastructure costs to support roughly 75 homes and reduce lot costs to encourage affordability.
Community Development Manager Hen outlined TIF District 24 for Prairie Haven phase II: the developer proposes 75 homes with an estimated private investment of $22–24 million; TIF‑eligible infrastructure costs total approximately $4,412,618. Hen said using the TIF will reduce per‑lot infrastructure costs and help meet affordable housing goals.
A builder identified as Steve described the home mix (ranch and two‑story plans) and said sales prices are expected in the $300,000 range subject to contractor costs and market pressures. Manager Hen and the city attorney noted the development agreement contains a sale‑price reporting requirement to comply with a South Dakota housing program cap.
Council approved the district boundaries and authorized the city manager to sign the development agreement. Staff said bids for infrastructure had come in lower than some estimates, enabling an earlier build schedule and an early phase of lots for sale.
Next steps: the development agreement will be executed, infrastructure procurement will proceed, and staff will track sale prices as required by the agreement.
