Rapid City voters sharply rejected a Tax Increment Financing – or TIF – district that would house a project known as Libertyland.
In a special election Tuesday, nearly 70 percent voted against creating the district. More than 11,000 votes were cast amounting to a 22.4 percent voter turnout.
A TIF is essentially a district where property taxes are used to incentivize new developments. This vote would have created a TIF called “Destination District.” It would have included Libertyland USA, a mixed-use project made up of an amusement park as well as residential and entertainment districts.
Supporters say it would have been an economic driver and tax revenue source for the city. Opponents argued it was a poor use of public funds that could hurt existing business, especially downtown.
