Pella Chronicle

Local News

July 28, 2013

Council adopts banner ordinance, makes amendment to loan and disbursement agreements

(Continued)

Pella —

Since Council' s approval of the conditional resolution of support last December, the Iowa Finance Authority has awarded housing tax credits for the project, and the developer intends to proceed with constructing the project. Therefore, in order to comply with the previously approved conditional resolution of support, the City will need to create a new urban renewal area for the project. The reason a new urban renewal area is needed is because the proposed property tax rebates for the project are projected to occur over a fifteen year period of time which exceeds the remaining years left in the Pella Business Corridor Urban Renewal Plan. As a result,  the Pella Business Corridor Urban Renewal Plan will need to be amended to remove the proposed housing development from its boundaries. Likewise, the City Council will also need to create a new urban renewal area for the proposed housing development.

 

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