The Spearfish City Council recently instructed the Dakota Land Trust to apply for a zoning change in order to move an affordable housing project forward, reports the Black Hills Pioneer. The council also approved transferring the land to Dakota Land Trust at no cost, as the city co
uld recover the cost of the land through a tax increment financing district that will be established on the site.
The lot that will be transferred was acquired by the city in 2014 for approximately $225,000. In order to recover the cost of the land, a tax increment financing district will be placed on the lot beginning in 2020, with a full reimbursement expected in 10-12 years.
Parkside Village will host several affordable townhouse units ranging from $99,000-$139,000. Two- and three-bedroom units at 780 and 980 square feet will be available. The two-bedroom units will have a single car garage, while the three-bedroom units have two-car garages.