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Board approves renewal of Lacon TIF 1; one abstention
Summary
The Marshall County Board approved renewal of Lacon Tax Increment Financing (TIF) District 1, which expires in 2028 (payable 2029). The renewal passed with one abstention; City TIF Administrator Ron Schoof outlined the district's history and fiscal returns.
The Marshall County Board voted to renew Lacon Tax Increment Financing (TIF) District 1, a district created in 1993 and last renewed in 2016. Ron Schoof, TIF Administrator for the City of Lacon, told the board the TIF will expire in 2028 payable in 2029 and that the district returned roughly 37% of incremental revenue—about $31,000—back to the district over its life.
"Lacon TIF 1 will be expiring in 2028 payable in 2029," Schoof said, describing the district's history and the outreach he'done to affected taxing districts. The board approved the renewal on a motion by Perona, seconded by Schmitt. The meeting record shows the motion passed; Meierkord was recorded as abstaining.
The renewal drew no extended debate in the public record. The action was recorded as #26-9 on the agenda.
The board did not record additional financial terms or a revised percentage in the meeting transcript; Schoof provided members with a handout and letters of support. Any further implementation details or impacts to individual taxing bodies were not specified in the transcript.
Next step: the renewal was approved at the April 9 meeting and will proceed according to the normal administrative steps for TIF renewals in the City of Lacon.
