South Sioux wants new TIF district to build sewer plant - KTIV News 4 Sioux City IA: News, Weather and Sports

South Sioux wants new TIF district to build sewer plant

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© South Sioux would like to use TIF money from a 364 acre TIF district in the works. It'd encompass the proposed sewer plant, and sit north of Roth. © South Sioux would like to use TIF money from a 364 acre TIF district in the works. It'd encompass the proposed sewer plant, and sit north of Roth.
SOUTH SIOUX CITY, NE (KTIV) -

South Sioux City, Nebraska is trying to create a tax increment financing district near Roth Industrial Park. They say TIF will help spur development. But, Dakota County's worried the TIF district would cut them out of much needed tax dollars.

More than 300 acres of the industrial park's 600 are filled by businesses like BPI. City officials say more could be on the way, but it hinges on developing a sewer treatment plant.

"It would serve new industries coming in, and expansion of those existing industries out at that particular location. It's about a $14 million plan," said South Sioux City Administrator Lance Hedquist.

To offset the price tag, Hedquist says they'd like to use TIF money from a 364 acre TIF district in the works. It'd encompass the proposed sewer plant, and sit north of Roth.

The TIF would work by freezing the district's property tax values for up to 14 years, then send any new property tax revenue to projects like the plant.

"We'll be able to reduce the cost for the sewer plant to all the residents of South Sioux City," said Hedquist.

Dakota County officials have concerns. They say their budget is tight. They worry they'll miss out on new money if property tax values are frozen.

"Here we are, we're struggling. We have no other sources of income but to tax land. When you put a TIF on, that freezes our value and pretty much puts us behind the eight ball," said Chair of the Dakota County Commissioners Rick Bousquet.

Bousquet says if the city wants the district they'd like a piece of the new revenue.

"Just give us a slice so we see our budget ease," said Bousquet.

To help out, the city says they've reworded their TIF proposal. In it, the county can collect new revenue off ag land, which is a vast majority of the district.

The city voted to officially accept the language at council Wednesday night. Officials with both the city and county say the two have a great working relationship. They both think an agreement will be made.

The city's final vote on the TIF district is February 10th.

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