Planning Commission Staff Report March 2026
$1.3B Smithfield Plant Plan with $89.9M TIF Support
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Description
The City of Sioux Falls is planning to enter into a development agreement with Smithfield for the construction of a new meat processing facility and on-site wastewater plant. The total project cost is $1.3B, with a TIF package up to $89.9 million for eligible public improvements to be repaid over 20 years from property tax increment.
Contract Details
Contract Amount
$1,300,000,000 (total project); $110,300,000 (wastewater treatment plant); $136,300,000 (total TIF-eligible expenses); $89,900,072 (TIF amount requested)
Vendor
SMITHFIELD
Agency
City of Sioux Falls, SD
Contract Type
CONSTRUCTION
Document Date
March 4, 2026
Contract Term
Construction from 2027 to completion in 2028; TIF payback period up to 20 years
Renewal Date
2048-12-31
Renewal Info
Not specified; TIF agreement subject to development milestones and project completion dates as stated in the Project Plan.
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