PIERRE — The Pierre City Commission has approved Tax Increment Financing District number eight to help Chapelle Investments with their development at the former Pierre City Hall site. Jerid Vilhauer with Hegg Companies says they are continuing to make progress prior to construction…
Vilhauer expects construction to begin a few months later than expected in June or July. Construction on the apartment portion of the project is expected next year. Toby Morris of Colliers Securities says the city is only a conduit for the TIF…
Morris says the project will go along way in addressing Pierre’s housing needs…
The TIF will cover five-point-five million dollars worth of land purchase costs, demolition, engineering, site improvements, utility installation and removal and bank loan interest. The estimated cost of the entire development is 33-point-four-five million dollars.
