The Pierre Economic Development Corporation’s Board of Directors is committed to improving the retail environment in Pierre. This group of developers, business owners and city officials meets monthly to address the needs of current and potential retail projects.

Sales Tax Refund

For new or expanding businesses that generate at least $2 million in new annual gross sales, the City of Pierre may provide a 1.25% sales tax rebate back to the business for a predetermined amount of funding or period of time, whichever comes first. The process includes an application to the City where the proposal would be considered on a case-by-case basis. Currently, the refund on $2 million would be $25,000 per year.

Commercial Property Tax Abatement

New investments in Pierre and Hughes County of at least $30,000 in commercial real estate expansion or new construction will receive a property tax abatement. The formula graduates the tax over a five year period, beginning with a levy of 20 percent of the actual tax, resulting in an approximate abatement of 40 percent over the five year period. Only one of the tax incentives may be used on any one project.

Tax Increment Financing

Economic development projects in Pierre and Hughes County may qualify for Tax Increment Financing. Through a TIF, a district is created and the assessed property values within the district are “frozen” at the current level. As the development proceeds and property values rise, the increased property taxes are captured, for a time, to pay for public improvements or to help finance the redevelopment project. Only one of the tax incentives may be used on any one project.

Financing

In addition to it’s own loan program, the Pierre Economic Development Corporation works with developers and owners to identify attractive financing options for retail development projects. Direct financial participation by PEDCO is determined by its board of directors on a case-by-case basis.

Resources

City of Pierre – Connect with City departments, the Mayor’s Office and City Commission members, as well as research planning and zoning ordinances.

Pierre Economic Development Corporation – find helpful demographics, business advantages, community assessments and development contact information to help bring your business to Pierre.

Governor’s Office of Economic Development – state programs and helpful links to starting a business or finding your way through the licensing and permitting process.

Pierre Area Chamber of Commerce & CVB – The business member resource and travel guide for Pierre and Central South Dakota.

Pierre Mall – See the impressive list of stores, exciting courtyard and outlot events designed to draw shoppers, and contact information.

Small Business Development Center – Free, confidential business consulting, backed by the support of the Small Business Administration.

South Dakota Retailers Association – Statewide business organization based in Pierre that represents the interests of retail businesses who sell retail products and services throughout the State of South Dakota.

International Council of Shopping Centers – International trade organization for retailers, retail brokers, and retail developers.