Council amends Collins Road urban renewal plan, approves TIF support for 5 30 Investments LLC

The Marion City Council approved an amendment to the Collins Road urban renewal area and a development agreement with 5 30 Investments LLC to support redevelopment connected to the former Marion airport runway.

The finance director told the council the amendment adds four projects to the urban renewal plan, including aquatic center planning (repurposing 2019 bonds), a new Esco Electric Company office/warehouse at 6260 North Gateway, tax relief tied to the airport runway’s transition to private ownership (530 Investments LLC), and an extension of the administration professional support program through 2030 to cover administrative costs. The director explained 2019 bonds originally funded improvements to the Marion Airport runway, which the city no longer owns, and repurposing the bond proceeds within the Collins Road urban renewal area preserves their tax‑exempt status.

Council then considered a development agreement with 5 30 Investments LLC that would provide tax increment financing (TIF) incentives described by staff as a maximum of $93,007.64, with $5,000 annually for 10 years for property tax relief for the runway property and $21,882 for each of two years to support the fixed‑base operator during transition. The public hearing produced no speakers. Council approved resolution 32,580 (urban renewal amendment) and resolution 32,581 (development agreement) — both passed with one abstention on the record.

Council members and staff described the amendment as a way to preserve the city’s flexibility to use urban renewal financing tools in support of redevelopment strategies while noting that actual obligations would be incurred only through subsequent development agreements, internal loans or bonds.

Next steps: Execution and monitoring of the development agreement and any future development agreements linking projects to the urban renewal plan; staff will return with documents necessary to implement incentives.