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Keokuk schedules public hearing on ATTH Group development agreement tied to $100,000 grant
Summary
The Keokuk City Council set a public hearing on a development agreement with ATTH Group that would use a $100,000 community catalyst grant and a blight tax rebate up to five years at 90% of tax increment; staff warned the city will likely pay upfront and seek state reimbursement.
The Keokuk City Council voted March 20 to set a public hearing on a proposed development agreement with ATTH Group Incorporated, a project the chair said is associated with a $100,000 community catalyst grant and a blight tax-rebate arrangement.
The chair (S1) told the council the grant supports creating two upper-story dwelling units, elevator repair and window work tied to the project led by Tarla Price and cautioned a public hearing is required before entering the development agreement. "The city of Keokuk received a $100,000 community catalyst building redempt, grant on behalf of ATTTH Group Incorporated," the chair said during the motion to set the hearing.
The council also discussed a tax-increment financing provision that would rebate up to five years at 90% of the tax increment produced by the improvements. The chair said the development agreement provided by consultants Ehlers and Cooney was attached for review.
In staff reports after the regular meeting, a staff member (S4) said state administration of the related grants has changed: instead of the state disbursing funds to the developer and the city thereafter transferring money, the city will pay funds up front and be reimbursed later. "The reimbursement is backwards now," the staff member said, adding the grant amounts remain unchanged.
The council voted in favor of setting the public hearing date. City staff said they would confirm distribution of the full development agreement to council members for review ahead of the hearing; one staff member (S9) said she would resend the agreement the next day.
The public hearing will determine whether the council authorizes the development agreement with the grant and TIF rebate terms; the council did not take final action on the agreement on March 20.
