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Carter Lake reports $398,375 in TIF rebate expenditures; payments to Maple One/Maple 2 and Patriot Metals noted
Summary
City staff told the council the annual urban renewal (TIF) report shows $398,375 in rebate expenditures for the reporting year and listed payments to Maple One and Maple 2 Investments (Hampton/Holiday projects) with Patriot Metals added for future payments; council approved the annual report.
City staff presented the annual urban renewal report showing $398,375 in tax increment financing (TIF) rebate expenditures during the reporting year and sought council approval.
Staff said the report breaks out the beginning fund balance (July 1, 2023) and rebate expenditures disbursed to project recipients. The report notes payments to Maple One and Maple 2 Investments (identified in the discussion as projects tied to a Hampton Inn and a Holiday Inn Express) and added Patriot Metals (a local company) to the schedule; staff said the first payment to Patriot Metals would not be due until the following November.
Council moved to approve the annual urban renewal report and the motion carried by voice/roll call.
Staff said annual urban renewal reports are filed with the state to show how TIF revenue and rebate expenditures are used.
