The proposed Amendment No. 8 to the 1989 Ankeny Economic Development Urban Renewal Plan, which was last amended in 2017, includes the following updates:
- Addition of proposed eligible urban renewal projects
- Update project costs and city financial data
- Removal of mostly undeveloped property and the addition of right of way necessary to retain a contiguous area
These updates are necessary for the following reasons:
- Proposed projects in the recently approved CIP need to be reflected in the plan so tax increment financing can be an eligible source of financing for these projects.
- Proposed project costs need to be revised to reflect current cost estimates.
- Most of the property being removed was included approx. 15 years and has not developed as expected, thus having no impact, positive or negative, on taxing entities. Some of the property will be added back to the urban renewal area in the future to better align the expected timing of development to the requirements and benefits of an urban renewal area. The City will forgo any increment created on properties being removed.
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