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Altoona council approves expansion of Urban Renewal Area to cover parcels near Adventureland Drive
Summary
The Altoona City Council unanimously approved a resolution expanding the Altoona Urban Renewal Area to include property bounded by SW/NW 17th Avenue, 1st Avenue, Adventureland Drive and SW 8th Street; officials said the change will not alter property taxes but will allow capital projects to be funded with urban renewal bond proceeds.
The Altoona City Council on March 17 approved a resolution to expand the Altoona Urban Renewal Area, a move officials said will let capital projects in the newly added area proceed and be paid with urban renewal bond proceeds.
Finance Director Andy Lent described the added area as bordered by SW/NW 17th Avenue and 1st Avenue on the west and east and Adventureland Drive and SW 8th Street on the north and south. Lent told the council the amendment "will not affect the property taxes within this amended area," but will allow capital projects called out in the amendment to be funded using urban renewal financing.
A public hearing opened at 6:38 p.m. and no members of the public spoke. The council then approved the resolution "to declare necessity and establish an urban renewal area, pursuant to Section 403.4 of the Code of Iowa and approve [the] urban renewal plan amendment for the Altoona Urban Renewal Area" by unanimous roll call (5-0).
The action authorizes the city to proceed with the amended urban renewal plan; the record in the council minutes does not specify which individual capital projects will be financed or a schedule for bond issuance.
