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Council approves tax-rebate agreement for Hidden Pines subdivision public improvements
Summary
Council authorized a development agreement with UMENB, LLC that makes the Hidden Pines 43‑lot subdivision eligible for a 50% tax rebate on up to $2 million of public improvement costs (up to $1 million rebate over 10 years).
The Cedar Falls City Council on Tuesday approved a private development agreement with UMENB, LLC for the Hidden Pines subdivision, a 43‑lot residential project south of Green Hill Road east of Cedar Heights Drive.
Economic development staff Shane Graham said the developer has nearly completed public improvements and that the city previously adopted a Hidden Pines Urban Renewal Plan at an earlier meeting, which allows consideration of development agreements for tax rebates. The developer identified approximately $2,000,000 in public-improvement costs; under the agreement the city may rebate up to 50% of those costs over ten years, for a maximum rebate of $1,000,000.
Staff said the final plat and formal acceptance of the public improvements will return to council in the near future before lots may be sold and dwellings constructed. Graham said the incentives are available under the city’s recently adopted guidelines to encourage new residential development.
The council approved the resolution authorizing execution of the development agreement by roll call vote; the clerk recorded “all members voting aye.”
Ending: Staff said details of the final plat and acceptance of public improvements will be brought to council for final action before the developer can sell lots in the subdivision.
