RAPID CITY, S.D. (AP) - Rapid City's downtown is losing property value despite high-profile restorations of historic buildings and the addition of Main Street Square.
The city created the downtown Business Improvement District two years ago to fund revitalization programs. The total property value of the district has fallen by nearly $10 million, or more than 5 percent. It's still valued at about $180 million.
Downtown officials say the difference is small, and they believe the value of the district will climb over time.
Some of the properties have folded or were bought by Pennington County to make room for a courthouse complex expansion. Deputy Director of Equalization Harvey Kistler says others are casualties of a "slipped" market.
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