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Council approves Panther Farms urban renewal, TIF rebates and private development agreement
Summary
Cedar Falls City Council adopted four Panther Farms urban renewal plans, passed related tax increment financing ordinances and approved a private development agreement with Panther Farms LLC to build about 175 residential lots and road connections near Aldrich Elementary School.
The Cedar Falls City Council on Monday adopted four urban renewal plans for the Panther Farms/Panther West subdivisions and approved a private development agreement with Panther Farms LLC that lays out tax-increment financing (TIF) rebates and a forgivable loan to reimburse the developer for public improvements.
City planner Shane Graham told the council “this item is for adoption of the Panther Farms phase 1 urban renewal plan.” He said the full project will create roughly 175 new residential lots across four phases and complete road connections, including an Ashworth Drive link that provides a second access to Aldrich Elementary School.
Why it matters: The urban renewal designation allows the city to use TIF to rebate a portion of public improvement costs to the developer. Council members said the road connections and additional housing lots respond to the city’s housing needs and safety concerns at school pick-up locations.
Key details and incentives - Phasing and scope: Phases 1–4 together cover about 175 lots; Phase 1 is around the Prairie Wind 6th…
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