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Indianola council approves three urban-renewal amendments to expand TIF-funded projects
Summary
The City Council on March 23 approved amendments to the Emerald Bay and Hillcrest urban renewal plans and a first amendment to the Sunstone development agreement, increasing potential TIF incentives and adding specific public projects. No public comments were offered during the hearings.
The Indianola City Council voted March 23 to approve three separate urban-renewal actions that will enlarge the city’s ability to use tax-increment financing (TIF) for public infrastructure and development incentives.
Staff summarized the measures at a public hearing. Council approved Amendment No. 1 to the Emerald Bay Urban Renewal Plan to raise the maximum economic-development grant ceiling from about $3.8 million to a not-to-exceed $4.2 million to cover higher construction costs, chiefly a change from RCC to Portland cement concrete for a road loop. No members of the public spoke during the hearing; the council closed the public comment period and approved the resolution by roll call.
In a separate but related action…
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