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Board approves urban-renewal amendment and authorizes hearings for $1.2M borrowing package
Summary
Supervisors adopted an amendment to the GROW Woodbury County Urban Renewal Plan to add land for an interchange project so TIF can be used, and set hearings for related loan agreements tied to a $1.2 million borrowing package split into three note authorizations ($640,000; $319,300; $240,700).
Ryan Erickson of board administration presented a resolution to amend the GROW Woodbury County Urban Renewal Plan so the land needed for a planned interchange project would be inside the urban-renewal area and therefore eligible for tax-increment financing (TIF). Erickson said the amendment only adds that land in the map and does not expand future districts because of agreements with Sioux City and Sergeant Bluff. The board adopted the amendment by voice vote, 5–0.
Erickson also introduced a bond counsel engagement agreement and described a borrowing package not to exceed $1,200,000 in general-obligation capital loan notes to reimburse the general fund for completed and planned capital-improvement projects. He explained the borrowing is being divided into three categories: $640,000 for essential county projects (demolition and IT), $319,300 for courthouse building projects (including elevator work and EMS site work) and $240,700 for Little Sioux Park work. The board approved engaging bond counsel and set public hearing dates for the loan authorizations; votes on each procedural resolution were unanimous, 5–0.
Supervisors asked clarifying questions about the purpose of separating the borrowing into three categories and Erickson said the split follows project classification rules under Iowa law. The board's action sets the administrative steps needed to move toward public hearings and the eventual issuance of notes if approved at the hearings.
