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Story County board pauses open application round for urban renewal funds, directs focus toward housing
Summary
Supervisors voted to delay opening the urban renewal application round to outside taxing entities and instead consider directing urban renewal funds toward county-identified housing priorities for FY27; staff said roughly $900,000 (50% of TIF) would be available in FY27, and the board asked staff to develop a focused housing strategy.
On May 20, 2025, the Story County Board of Supervisors voted to limit the current year urban renewal funding process and not open the program this cycle to outside taxing entities, directing staff to explore concentrating available urban renewal tax increment financing (TIF) toward county-identified housing priorities for fiscal year 2027.
County staff told the board that, under current policy, the county may allocate up to 50% of projected TIF for urban renewal projects; staff estimated roughly $900,000 would be available for FY27. Supervisors discussed whether a targeted, county-led approach to affordable housing would have a larger impact than distributing smaller awards to multiple municipalities.
Supervisor comments emphasized directing funds to projects that increase affordable housing supply or preserve affordability. Staff told the board that any county-directed amendment to the urban renewal plan would still require formal plan amendment steps, consultation with affected taxing entities and timely certification for debt on or before December 1.
The board adopted a motion to approve the economic development process and policies but remove the step opening the current round to other taxing entities; staff will draft notices to taxing entities and work with county finance staff to outline next steps for a targeted housing program. Supervisors noted that work would continue through fall to identify project(s) and finalize plan amendments in time to certify obligations by the statutory deadline.
Staff also reminded the board that FY26 allocations already include commitments (about 38% of TIF) to several communities for projects previously approved, and that the county will still return in the fall to amend the plan and ordinance to list any county-selected project for certification.
