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Sac City approves development agreement with HCI, Inc., pledging tax-increment payments
Summary
The Sac City Council unanimously adopted Resolution No. 2025-14 on April 22, 2025, approving a development agreement with HCI, Inc. that authorizes annual appropriation tax increment payments and pledges certain TIF revenues to the agreement.
The Sac City Council on April 22 unanimously approved a development agreement with HCI, Inc., adopting Resolution No. 2025-14 to authorize annual appropriation tax-increment payments and to pledge certain tax-increment revenues to the agreement.
The public hearing on the agreement included remarks from the City administrator summarizing recent changes to the contract’s payment schedule. Councilmember Teresa Bruening moved to close the hearing (seconded by Councilmember Bob Murley). Councilmember Tom Lownik introduced the resolution; Councilmember Teresa Bruening moved for approval and Councilmember Kayla Shull seconded. A roll call recorded all council members voting in favor.
The resolution authorizes the city to pledge specified tax-increment revenues to secure the city’s payment obligations under the development agreement. Meeting minutes indicate the council authorized the agreement as presented; the minutes record the contract changes described by staff but do not include extended contract text or payment schedules in full. The city administrator and city staff will proceed with the administrative steps required to execute the agreement and implement any payment schedule set by the contract.
