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Oskaloosa council backs amended support for $11.2 million 1 West mixed‑use project, with TIF rebates and 10‑year residential abatement
Summary
The Oskaloosa City Council approved an amended nonbinding resolution supporting incentive terms for a proposed $11.2 million, three‑story mixed‑use development by 1 West LLC (Bridal Ridge). The package includes commercial TIF rebates (up to $1 million aggregate) and a 10‑year, 100% residential tax abatement; council required the developer to apply for Iowa brownfield tax credits.
The Oskaloosa City Council on Sept. 2 approved an amended resolution expressing support for incentive terms for a proposed $11,200,000, three‑story mixed‑use project by 1 West LLC (developer Bridal Ridge), a plan that would add first‑floor commercial space, basement parking and up to 36 residential units.
City staff presented terms that would offer up to 10 annual economic‑development TIF (tax increment financing) rebate payments equal to 100% of the tax increment generated by the commercial portion of the project, with an aggregate cap not to exceed $1,000,000. For the residential portion, staff recommended a 10‑year, 100% property‑tax abatement for the value added by the improvements assessed as residential.…
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