Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Urban Development topic
No spam. Unsubscribe anytime.
Palo council establishes Prairie Vista Phase 3 urban renewal area and adopts tax-division ordinance
Summary
Council declared necessity and adopted the Prairie Vista Phase 3 Urban Renewal Plan and passed Ordinance 90-2026 to provide for division of taxes in the area under Iowa Code §§403.4 and 403.19; the council also set a future meeting to consider a development agreement with Forrest Ridge LLC.
The Palo City Council on Feb. 17 approved Resolution 021726D declaring necessity and establishing the Prairie Vista Phase 3 Housing Urban Renewal Area and approved the associated urban renewal plan and projects pursuant to Iowa Code §403.4.
At the same meeting the council introduced, suspended rules for expedited readings, and adopted Ordinance 90-2026, described in the record as "An Ordinance Providing for the Division of Taxes Levied on Taxable Property in the Prairie Vista Phase 3 Housing Urban Renewal Area, Pursuant to Section 403.19 of the Code of Iowa." Roll-call motions to suspend the rules and for final passage are reported in the minutes as having carried unanimously.
Council also approved Resolution 021726F to set the date for a meeting at which the council will consider approval of a development agreement with Forrest Ridge, LLC that may include annual appropriation tax increment payments. The meeting record does not include terms of any development agreement; the resolution only sets the date for future consideration.
Why it matters: establishing an urban renewal area and adopting a tax-division ordinance clears legal groundwork commonly used to enable tax increment financing and to allocate incremental property tax revenue to specified projects. The council framed these steps as part of the Prairie Vista Phase 3 project but did not record details of any executed development agreement at the Feb. 17 meeting.
What’s next: staff will return with the scheduled meeting to consider the Forrest Ridge development agreement; the council must also follow statutory notice and hearing requirements for any finance or developer agreement that would rely on tax increment revenues.
