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Council holds first reading of $2.25 million budget amendment tied to marketplace TIF grant
Summary
Finance staff presented the first reading of Ordinance 25-021 to increase the general fund by $2,250,000 to fund infrastructure and detention pond improvements under Section 8 of the TIF #13 development agreement with Ryan Companies; second reading scheduled July 8.
The council heard the first reading of Ordinance 25-021, which would amend the 2025 budget to increase general-fund expenditures by $2,250,000 to support infrastructure and detention-pond improvements associated with the marketplace development. Ashley Wrench, the city finance director, said Section 8 of the development agreement for Tax Increment Financing (TIF) District No. 13 authorizes a grant in that amount to be paid to Ryan Companies, the developer.
"This agreement was adopted on 11/12/2024, independent of the 2025 budget process, and the proper budget authority must be granted in order to disperse the funds," Wrench said. The ordinance was introduced and scheduled for second reading and a public hearing on July 8.
City staff also reported construction progress at the marketplace site: dirt work, footing installation for Aldi, and an anticipated steel erection in mid-August with paving and retaining-wall work beginning in July.
Ending: The council did not take final action tonight; second reading and public hearing are scheduled for July 8.
