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Council sets hearings for Prairie Ridge West urban renewal and development agreement covering 90 lots and $4.5M infrastructure
Summary
Council established public hearings and schedules for an urban renewal plan and a development agreement for Prairie Ridge West, a proposed 90‑lot residential subdivision with estimated public infrastructure costs of roughly $4.5 million and a TIF rebate structure over 15 years.
The Pella City Council set public hearings and schedules for a proposed Prairie Ridge West urban renewal plan and an associated development agreement with PR Dev 2 LLC.
Staff described the project as a future residential subdivision that would ultimately contain about 90 residential lots. Public infrastructure costs associated with the development were estimated in the presentation at roughly $4.5 million. To reimburse the developer for eligible public infrastructure, staff explained the city would capture incremental property taxes (tax increment financing) on the new development and rebate an estimated portion of those taxes — roughly half — back to the developer over a 15‑year period if the project builds out per staff presentation. Staff also said an additional set‑aside for low‑ and moderate‑income (LMI) housing funds of approximately $1.3 million would be included in related financial planning.
Council approved two resolutions to establish public hearings and the schedule. Staff emphasized more detailed terms and figures will be available at the public hearings, which the council set for November 5 (for the urban renewal plan).
