A plan proposing a tax increment financing district to develop 470 acres of land in Rapid City was approved last night by the Rapid City Council.
The financing will be used for the extension of Minnesota Street and power line relocation.
A TIF or Tax Increment Financing is a method of financing improvements and development in a place that has been determined blighted.
The majority of this property will be zoned residential and some will be commercial.
Hani Shafai, President of Dream Design International, said this TIF will not affect tax payers.
"It appears the economic development TIFs don't have any impact on the real estate taxes for anybody in the community,"said Hani Shafai.
The total estimated cost of the improvements is 2.9 million dollars.