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.
Interfund Loan resolutions included:
Reimbursement from MACC TIF for east side of MAC parking lot rehab #1 in the amount of $473,678 and MAC parking lot rehab #2 (retail spine) in the amount of $778,065. (Please see attached map.)
Reimbursement from West Broadway TIF for First Ave projects estimated to be $11,100
Reimbursement from Old Airport (Metro Crossing) TIF for administrative costs of $2,898
Reimbursement from Playland Park TIF for expenditures in the River's Edge Development Project estimated to be $200,000.