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Council receives CRA 30-day notice for potential tax-increment financing agreement for Iron Horse Ag Project
Summary
City staff told the council they received a 30-day notice from the Community Redevelopment Agency (CRA) about an intent to enter a tax-increment financing agreement with Ty Marklock for the Iron Horse Ag Project; next steps include redevelopment planning, planning commission review and a possible council hearing May 20.
City staff told the council they received a 30-day notice from the Community Redevelopment Agency indicating an intent to enter a tax-increment financing (TIF) agreement with Ty Marklock for the ‘‘Iron Horse Ag Project.’’
Staff said the CRA accepted the developer’s application and will perform a cross-benefit analysis and prepare a redevelopment plan. The redevelopment plan and the proposed TIF form will go to the planning commission for review of consistency with the comprehensive plan and the redevelopment area, and then return to the City Council for consideration, possibly on May 20.
No formal council action was taken on the TIF at this meeting; the item was provided for information and to outline the review steps ahead.
Ending — The CRA’s 30-day notice places the project in the city’s review pipeline; council members and staff said the planning commission and council will consider the redevelopment plan and TIF terms in subsequent hearings.
