Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Tax Increment Financing topic
No spam. Unsubscribe anytime.
Committee approves amendment to East Anamosa TID to cover additional grading costs
Summary
The committee approved Resolution No. 2024-061, adding grading costs outside an originally allowed 300-foot centerline on North Valley Drive to the East Anamosa (TID 84) certification; staff said the added work keeps totals below the project-plan cap and the TID is estimated to pay off in 2035.
The Legal Finance Committee approved a resolution to amend the East Anamosa tax increment district project plan to include additional grading costs on North Valley Drive that were completed outside a 300-foot centerline allowance.
Mike Dugan, a finance department TIF planner, said certification of the project found grading beyond the 300-foot allowance originally specified in the plan. He told the committee the project plan allowed up to $1,047,000 for total grading tied to the 300-foot figure and that the work pulled out of the original certification for grading outside the centerline amounted to $344,000. Dugan said that when those amounts are added back in, ‘‘it still comes below the original $1,047,000’’ cap in the project plan. He added the TID was created in 2020 and is estimated to pay off in 2035.
A member noted that developer submittals limited themselves to 300 feet during application; planning and the TIF committee recommended approval to allow the actual completed grading to be eligible for certification. The chair called for a voice vote on Resolution No. 2024-061, and the committee approved the second amendment to the TID project plan.
The resolution approves certification of the additional grading costs for inclusion in the TID reimbursement process; the record shows the committee approved the resolution by voice vote, with no numerical roll-call tally recorded in the transcript.
