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Council approves development agreement for Power Drive affordable housing, staff explains TIF terms
Summary
Council Bluffs approved a development agreement with Cornerstone CB Power Drive Partners LP and a related tax-increment financing plan; staff explained the 15-year term, 75% capture and a $9 million cap as part of a package intended to support road costs and 100% affordable units.
The City Council on April 21 approved a development agreement with Cornerstone CB Power Drive Partners LP and held a public hearing on the related tax-increment financing (TIF) package.
Staff explained the TIF arrangement and answered council questions about term, capture percentage and the cap. A council member asked for an explanation of how the TIF was structured; staff said the package being considered uses a 15-year term with 75% tax capture and a cap of $9,000,000 to support public infrastructure, including a costly Power Drive road improvement near…
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