SPECIAL MEETING
December 7, 2022
ACKLEY CITY COUNCIL met in special session December 7, 2022 in the CGA Conference Room (739 Park Ave.) with Mayor Michael Nuss presiding. The meeting was called to order at 7:00 pm. Council members present: Chuy Flores, Judy Crawford, Mike Abbas, and Joe Wessels. Absent: Dan Scallon. Quorum present.
Other attendees were Elaine Lawrence, Matt Roelfs, Lee Gallentine, and Darren Janssen as members of the Ackley Development Commission. Joining the meeting via Zoom was John Danos, from Dorsey & Whitney and Heidi Kuhl, from Northland Securities.
Abbas moved, Flores seconded to approve the December 7, 2022 agenda, as listed. Ayes-all. Motion carried.
Tax Increment Financing (TIF) was the topic of conversation. J. Danos along, with H. Kuhl, explained the Iowa Code Chapter 403 and how TIF can work as an economic tool. TIF doesn’t change the property taxes, it does however, change the amount of income to the City’s general fund as the TIF dollars are diverted. A City must go into a debt before TIF can be certified and collected from TIF dollars. This debt can be done a few ways, borrowing from traditional banks, internal loans, or investors upfront monies, among others. TIF can be used for public improvements. An Urban Renewal Area must be set up before TIF can be used. This area does need to be updated/amended from time to time. This amendment can take up to 8 weeks for finalization. Some plans have sunset limits.
No action was taken. Crawford moved, Flores seconded to adjourn at 7:58 pm. Ayes-all. Motion carried.
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Michael Nuss, Mayor
ATTEST: _______________________________
Malena Dennis, City Clerk