Sioux Falls Mixed-Use Parking Ramp Project Under Review
SIOUX FALLS, S.D. (AP) — City officials in Sioux Falls are reviewing the future of a $70 million mixed-use downtown parking ramp and hotel after developers requested changes to the project.
The Argus Leader reports that Mayor Paul TenHaken's office is reviewing the new proposal for the Village on the River facility and the financial impact to the city. A spokeswoman for TenHaken says the city does not want taxpayers to take a hit because of the changes.
In addition, officials say the city has yet to receive proof of a performance bond and a $350,000 fee spelled out in the development agreement.
The city is paying for the $20.6 million, seven-story parking ramp that is nearing completion. Work on the hotel portion or any other privately-funded work cannot start until the city receives its fees and developers get their performance bond.
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