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Kossuth County schedules July 14 hearings for up to $5 million in urban renewal bonds for roads and fairgrounds
Summary
The board set July 14, 2026 hearings on two proposed general obligation urban renewal loan agreements: up to $4.25 million for road, bridge and culvert projects and up to $750,000 for a fairgrounds grandstand project; estimated tax impacts are $22.12 and $3.90 annually per $100,000 valuation, respectively.
The Kossuth County Board of Supervisors voted June 23 to fix July 14, 2026, for public hearings on two proposed general obligation urban renewal loan agreements and the issuance of bonds to fund capital projects. Motion by Garman and second by Waechter to approve Resolution #06-23-26-04 carried unanimously.
Under the resolution the county proposes two loan agreements: (1) Urban Renewal Loan Agreement #1 authorizing bonds in a principal amount not to exceed $4,250,000 for Kossuth County Road, Bridge and Culvert Improvement Projects; and (2) Urban Renewal Loan Agreement #2 authorizing bonds in a principal amount not to exceed $750,000 for the Kossuth County Fairgrounds Grandstand Project. Notices of the proposals will be published at least once not less than 10 and not more than 20 days before the July 14 hearing(s), and the notices will include the right to petition for an election under Section 331.441(2)(b)(14) of the Code of Iowa.
The resolution includes estimated annual property tax impacts for a residential property with an actual valuation of $100,000: approximately $22.12 annually for the $4.25 million loan and approximately $3.90 annually for the $750,000 loan. The resolution explains that the board may elect to budget other available revenues to pay some or all debt service while the loan agreements are outstanding and outlines the procedure for filing objections and appeals.
The board also approved an engagement letter with bond counsel Dorsey & Whitney for the 2026 general obligation urban renewal bonds earlier in the meeting. Public comment and written objections will be accepted at the July 14 hearings at the Board of Supervisors Meeting Room, 114 W. State Street, Algona, Iowa.
