According to the ordinance which was approved and adopted, the portion of taxes each year in excess of the base period taxes for the Amended Pella Business Corridor Urban Renewal Area (Amendment ‘mo. 5 to the Pella Business Corridor Urban Renewal Plan) shall be allocated to and paid into the special tax increment fund established by the City, which will be our Pella Business Corridor TIF Fund.
In related matters, the council also approved a resolution and adopted an ordinance in regards to the Mill Farm Housing Urban Renewal Plan.
This resolution determines an area of the City to be an economic development area, designates such area as appropriate for urban renewal projects, and adopts the Mill Farm Housing Urban Renewal Plan. The area consists of Parcel B and Parcel C of Lot2 of ViewPointe Subdivision. In addition, the primary proposed urban renewal project in this Plan involves providing incentives to assist with the cost of constructing a new Section 42 development called “The Reserves at Mill Farm”.
According to the ordinance which was approved and adopted, it will provide that the portion of general property taxes levied and collected each year in excess of the base period taxes for the Mill Farm Housing Urban Renewal Area be paid to a special tax increment fund established by the City to pay incentives to the developer as determined by a future development agreement.
A resolution Approving and Authorizing Execution of a Development Agreement by and Between the City of Pella and Mill Farm Partners, LLC was also approved by council.
The approval of the development agreement is subject to the final adoption of Ordinances No. 879 and No. 880 which are related to the removal of property from the Pella Business Corridor Urban Renewal Area and the creation of the Mill Farm Housing Urban Renewal Area Development Agreement.