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County OKs five-year extension of Treynor TIF payback to support new subdivisions
Summary
The Pottawattamie County Board approved a resolution allowing the City of Treynor to use incremental property tax revenues from the Treynor Housing Urban Renewal Area for five additional fiscal years to support infrastructure for two new subdivisions; city and developer representatives described project scope and financing at the meeting.
The Pottawattamie County Board of Supervisors voted to approve a resolution authorizing the City of Treynor to continue capturing incremental property-tax revenue from the Treynor housing urban renewal area for an additional five fiscal years to support public improvements tied to two new subdivisions.
Scott Ralphs, vice president at Ralphs Engineering, presented on behalf of Envision Treynor Group (substituting for an absent Travis Castle) and summarized the project history dating to a community survey in 2013, grant-funded recreational and site work, and prior development phases (including a 29-lot Heartland addition). Ralphs said the group plans two connected subdivisions totaling roughly 36 lots, with grading and $2.4 million in roadway and utility public improvements planned this year. He said the city is building a $1.7 million connector road from Highway 92 to the northwest that will link to the subdivision and recreational facilities.
Ralphs told supervisors the project team worked with Cascadia Group on financial modeling and will ask the county to extend the tax-increment financing (TIF) payback period. "We would like to ask for an additional five years for the TIF payback," Ralphs said, and he explained the group sought and received an Iowa Economic Development Authority reduction so more of the TIF can be returned to developers (an 80/20 reduction referenced in discussion).
City Administrator Michael Holton and Mayor Alan Hatfield described the local infrastructure investments and safety benefits of the connector road. Supervisors asked about lot counts, market-rate pricing and low/moderate-income (LMI) set-asides; Ralphs said LMI funds from prior Heartland activity were small (about $100,000) and could be used for housing rehabilitation or down-payment assistance once sufficient balance exists.
The board moved and seconded the resolution and approved it on roll call: Chairman Bell, Supervisor Wickman, Supervisor Jorgensen, Supervisor Miller and Supervisor Shea all voted in favor.
Why it matters: the extension allows the City of Treynor to apply incremental tax revenues to repay $2.4 million in planned public improvements for the new subdivisions; those improvements include roads, utilities and connections to recreational amenities and could affect development timing, housing supply and the city’s LMI program balance.
Board action: resolution approved; next steps discussed include developer agreements, grading and public-improvement construction schedules and follow-up on developer timelines and lot-sale build-out requirements.
