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Council approves TIF advance-of-cost resolutions ahead of pending state legislation
Summary
To preserve eligibility for certain public-works projects in light of pending state legislation, council approved two nearly identical resolutions advancing costs for the current and upcoming fiscal year to document TIF advances.
Sheldon City Council approved two resolutions authorizing advancement of costs under the city’s tax-increment financing (TIF) and urban-renewal processes so the city is positioned in the event of impending state legislative changes.
Staff told the council the two resolutions are virtually identical except for the applicable dates and said acting now helps ensure projects already advanced or certified prior to December 1 of the year would remain eligible under the current legislative language. The staff presentation said the approach is intended to "cover our bases" while the city watches legislation that could require certifications by December 1 and affect public-works project eligibility.
A council member moved to approve both resolutions collectively; the motion was seconded and both resolutions passed on a roll call vote, with recorded aye votes from Eggers, Kahn, Ostra/Ostrum and Wagner. Staff noted the resolutions do not prevent additional discussion at a May meeting and that larger projects will still be brought to council as required.
Council recorded the approvals and staff said it would follow up with a scheduled May meeting to provide additional discussion and oversight depending on the progress of the legislative session.
