Item Coversheet

Council Communication

Department: Finance
Case/Project No.:
Submitted by: Finance Department/Danielle Bemis 		Resolution 24-320
ITEM 6.C.		Council Action: 11/4/2024
Description

Resolution authorizing for annual certification for Tax Increment Financing Indebtedness.
Background/Discussion

According to Iowa Code Section 403.19, a city shall certify to the County Auditor on or before December 1, the amount of loans, indebtedness, or bonds which quality for payment from a Tax Increment Financing (TIF) district for each established urban renewal area.  This certification provides for the division of taxes collected attributable to specific projects.

 

The following projects require debt certification on or before December 1, 2024 for the collection of TIF funds in Fiscal Year 2026.

 

West Broadway-2200 W. Broadway, Urban Renewal (URN) Costs

Original 1983 Mall-125 W. Broadway, 103 W. Broadway, Vine Street Parking Project, URN Costs and Projects

Playland Park-Rivers Edge Development Project, Rivers Edge Parking, Noddle Office Building, Rivers Edge Apartments, Parking Garage Maintenance Costs, Parking Garage CAM Agreement, URN Costs

Marketplace-City Advance for Iowa Finance Authority Bonds, URN Costs

Bluffs Northway-Walmart

Franklin Ave-Kingsridge Dr.

Bluffs Vision-MAC Ventures

Valley View North-URN Costs

New Horizon-Patrick Cir.

23rd Avenue-URN Costs

Recommendation

Council to approve the resolution authorizing grant appropriation, certificate of indebtedness, and direct the filing of certifications to the County Auditor.
ATTACHMENTS:
DescriptionTypeUpload Date
TIF Certification Request SummaryOther10/28/2024
TIF Certification SheetsOther10/29/2024
Resolution 24-320Resolution10/30/2024