The Pierre City Commission has approved a request that the Pierre Economic Development Corporation needs in order to apply for part of the $200-million in housing infrastructure monies being distributed by the State of South Dakota.
COO Jim Protexter says the resolution of support will keep a project that’s been in the works for about two years moving forward, but the City won’t be on the hook to provide financial support.
State Representative Mike Weisgram from Fort Pierre has been heavily involved in developing the processes to get the $200-million out to communities.
Although he couldn’t talk specifics, Protexter says PEDCO has entered into some option agreements that are dependent on their application being approved by SD Housing.
City Commissioner Jamie Huizenga says the state funds could help reduce the financial risk for developers.
Protexter says by eliminating much of the cost of building infrastructure, they also hope to lower the price of lots, reducing the cost of a new home.
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