Watertown, SD -- The Watertown City Planning Commission unanimously approved a resolution yesterday afternoon paving the way for another tax incremental tax district to help a new apartment complex move their project along in the downtown area. Brandi Hanten is the Watertown Urban Planner.
Traci Stein is with the Watertown Development Company.
This is the tenth TIF district for Watertown and it’s expected there will be more to come. Tax increment financing, known as a TIF, is a public financing method that's used as a subsidy for redevelopment, infrastructure, and other community-improvement projects. Although approved by the city planning commission, TIF District Number Ten will have to get final approval from the Watertown City Council.