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Indianola council approves mutual termination of Kentucky Ridge development agreement
Summary
Council approved a resolution terminating the development agreement with Inception Group LLC for the Kentucky Ridge project after the landowner elected to forfeit TIF due to a financing gap; the termination includes a $10,000 payment to the city for legal costs and means the city will forgo a $375,000 benchmark grant reimbursement.
The Indianola City Council on March 23 approved a mutual termination of the development agreement with Inception Group LLC for the Kentucky Ridge urban-renewal project.
City staff described the background: a 2024 urban-renewal plan and development agreement were approved and in 2025 significant on-site infrastructure was installed. A national grocery chain expressed interest in part of the site, which prompted renegotiation of the development agreement to reflect a reduced commercial footprint. Staff and…
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