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Inwood council adopts urban renewal amendment and discusses TIF to fund Southside infrastructure
Summary
After a public hearing with no comments, the Inwood City Council adopted an urban renewal plan amendment and approved an internal advance to fund curb and sidewalk work; council also heard a TIF briefing estimating $1.5 million in infrastructure costs plus $90,000 for a turn lane.
The Inwood City Council on June 17 adopted an amendment to the city's urban renewal plan and approved related financing measures after a public hearing that drew no written or oral comments.
Mayor Becca Bixler announced the hearing and said there were no objections; Council Member Laurel Reinke then moved to adopt Resolution #18-26, declaring the necessity of and establishing the urban renewal plan amendment. Rick Rozeboom seconded, and the resolution passed with ayes from Mark Timmerman, Shannon Faber, Jordan Huyser, Laurel Reinke and Rick Rozeboom.
The council also approved Resolution #19-26, authorizing an internal advance to fund a curb and sidewalk improvement project tied to the renewal area. Council Member Shannon Faber introduced the resolution and Jordan Huyser seconded; the motion carried 5-0.
Financial Advisor Chip Shultz briefed the council on options to use tax-increment financing for infrastructure serving the Southside Commercial Development. Shultz presented estimated TIF revenues and comparable property valuations and said infrastructure costs are estimated at $1,500,000, with an additional $90,000 for a right-turn lane. "To make TIF work, development has to happen," Shultz told councilmembers.
Council members approved a Letter of Engagement with law firm Dorsey & Whitney to assist with the urban renewal plan amendment on a motion by Rick Rozeboom, seconded by Shannon Faber; the motion carried 5-0. Shultz said developers are working with DGR Engineering on infrastructure design.
The actions taken set the city's legal framework and short-term financing direction for projects inside the expanded urban renewal area; implementation will depend on subsequent developer activity and project-specific design and agreements.
