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Altoona council adopts urban renewal amendment, approves $17.5 million Sunstone development agreement
Summary
The council approved an amendment to the Altoona Urban Renewal Area and a development agreement with Sunstone Investments that authorizes tax‑increment reimbursements not to exceed $17.5 million (100% reimbursement of eligible costs for up to 14 years), after hearings that drew no public comment.
The Altoona City Council on Jan. 6 adopted an amendment to the Altoona Urban Renewal Plan and approved a development agreement with Sunstone Investments, LLC that authorizes annual-appropriation tax-increment financing reimbursements for an amount not to exceed $17,500,000.
Finance Director Andy Lent told the council the Urban Renewal Plan amendment covers three items: (1) a payment to Prairie Crossing for stormwater infrastructure previously…
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