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City Council approves TIF redevelopment plan, contract for Iron Horse Ag site
Summary
The City Council voted to accept Community Redevelopment Authority and Planning Commission recommendations and authorize a redevelopment contract and tax increment financing for the Iron Horse Ag project.
The City Council voted to accept recommendations from the City’s Community Redevelopment Authority and the Holdridge Planning Commission and authorized the redevelopment contract and tax increment financing for the Iron Horse Ag redevelopment project.
The action, taken after a brief public hearing, authorizes the CRA to execute the redevelopment contract and adopts the redevelopment plan and cost-benefit analysis that support a total TIF amount of $2,178,032 and an estimated annual increment of $156,890, figures incorporated into the plan and contract. Michael Tai, attorney for the applicants, said the plan includes an exhibit showing the site and access and a breakdown of eligible project costs and valuations provided by the Phelps County assessor’s office. Tai said his clients plan to build a fertilizer blend plant at the location and added, “Don’t ask me about a fertilizer blend plant because I probably won't have no idea.”
Why it matters: the council resolution and executed redevelopment contract allow the CRA to capture incremental tax revenues for the project area to repay eligible project costs, shifting the timing of tax collections for the parcels involved as described in the redevelopment plan and contract.
Council discussion and vote: The motion to approve was moved and seconded. Councilmembers recorded their votes in favor: Teller, Hart, Buecker, Johnson and Smith voted yes on the measure as called by the mayor; the motion carried and the council thanked the applicants.
Background and next steps: The redevelopment plan, contract and project valuation were reviewed and unanimously recommended by the CRA board and the planning commission and were presented to the council at the public hearing. With council approval the CRA is authorized to sign the redevelopment contract so the applicant can move forward under the tax increment financing structure described in the plan. The contract and plan specify eligible project costs, current assessed value, and projected post-development valuation as provided to the council.
The council did not request additional conditions during the vote; staff will proceed to finalize the redevelopment contract and related CRA execution steps as described in the plan and contract materials provided to council.
