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Council approves downtown urban-renewal amendment and development agreement with Fountain Square LLC
Summary
The Red Oak City Council approved an amendment to the Downtown Urban Renewal Plan and a development agreement with Fountain Square LLC that pledges certain tax-increment revenues to support the project; a public hearing drew no comments and the measures passed unanimously.
The Red Oak City Council on Nov. 18 approved an amendment to the Red Oak Downtown Urban Renewal Plan and a development agreement with Fountain Square LLC that authorizes annual appropriation of tax-increment financing (TIF) payments and pledges certain tax increment revenues to repay the agreement.
Mayor Shawnna L. Silvius opened public hearings on both the proposed amendment and the development agreement at 5:43 p.m. and heard no public comments before closing the hearings the same minute. Following the hearing, a motion from Councilmember Tim Fridolph, seconded by Councilmember Brian Bills, carried on a roll-call vote recorded as all ayes.
The resolutions—Resolution 2024-71 (Urban Renewal Plan Amendment) and Resolution 2024-72 (Development Agreement with Fountain Square LLC)—authorize the city to appropriate tax-increment revenues annually to support obligations under the development agreement. The council did not record any conditions or public amendments during the meeting.
Councilmembers present who voted in favor were Sharon Bradley, Brian Bills, Tim Fridolph, John Haidsiak and Adam Hietbrink.
The council provided no additional fiscal breakdown, timetable, or project specifics at the meeting; city staff said further discussion will follow once related assessments and documentation are finalized.
