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Council approves development deal for 200 2nd Street LLC, pledging TIF rebate and matching grant funds
Summary
The council approved a development agreement for the Morgan building in Olde Town, pledging a $40,000 TIF rebate and $100,000 in matching funds for an IEDA Community Catalyst Grant; construction began in fall and is expected to finish in February or March.
The Altoona City Council voted unanimously Dec. 2 to approve a development agreement with 200 2nd Street, LLC for the Morgan building in Olde Town.
Community Development Director Chad Quick told the council the project is a one-story, two-unit commercial building. Under the agreement the city will provide a $40,000 tax-increment financing rebate and $100,000 in matching funds to support an IEDA Community Catalyst Grant application. Quick said construction began in the fall and, after speaking with the developer, is expected to be completed in February or March.
A public hearing on the agreement was opened and closed at 6:40 p.m.; no members of the public spoke. The council then adopted the resolution authorizing annual TIF appropriation payments and pledging specified tax increment revenues to the agreement by roll call vote, 5-0.
No amendments to the agreement were recorded during the meeting.
