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Nokomis council adopts tax-increment financing package to support redevelopment
Summary
The Nokomis City Council approved three ordinances—2138, 2139 and 2140—to establish a Tax Increment Financing (TIF) redevelopment plan and area and adopt TIF financing. The package passed unanimously among attending members and sets the legal framework for future redevelopment projects in the designated area.
The Nokomis City Council voted April 14 to adopt a three-part tax-increment financing package intended to support redevelopment in a designated area. The council approved Ordinance 2138 (Redevelopment Plan and Project), Ordinance 2139 (designation of the TIF redevelopment area) and Ordinance 2140 (adoption of tax increment financing).
The motions carried with Commissioners Morris, Glenn and O’Malley and Mayor Goldsmith voting yes; Commissioner Arkebauer was absent. The ordinances together establish the legal framework for capturing incremental property tax revenue in the designated redevelopment area for eligible public improvements. The council record shows the ordinances by number and that the actions passed at this meeting; details about the TIF boundary, expected revenue streams, or a specific project list are contained in the ordinances themselves and were not restated in detail during the meeting.
