ANKENY CITY COUNCIL

Regular Agenda

March 5, 2018
5 : 30 PM
Gary Lorenz, Mayor
Mark Holm, Mayor Pro tem
Council Members: Bobbi Bentz, Jim McKenna, Kelly Whiting, Kerry Walter-Ashby
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ORIGINATING DEPARTMENT: COUNCIL GOAL:
City Manager High Performing City Organization: Financially Sound, Providing Service Value
ACTION REQUESTED:
Resolution
LEGAL:
No Review Required
SUBJECT:

Ankeny Economic Development Urban Renewal Area Project Approval

Accelerated Ag Technologies, LLC
EXECUTIVE SUMMARY:
Funds not to exceed $13,000 will be advanced from the Economic Development Revolving Loan Fund to pay costs of the Accelerated Ag Technologies, LLC development agreement.  The advance will be treated as an internal loan from the Economic Development Revolving Loan Fund and shall be reimbursed from the Tax Increment Fund.
FISCAL IMPACT: Yes
The proposed resolution creates a tax increment debt, which will be certified on December 1, 2018 for reimbursement to the Economic Development Revolving Loan Fund during fiscal year 2020.
CITY MANAGER'S RECOMMENDATIONS:
PREVIOUS COUNCIL/COMMISSION/BOARD ACTION(S):
PUBLIC OUTREACH EFFORTS:
ACTION REQUESTED:

Action: Consider motion to adopt RESOLUTION approving project in the Ankeny Economic Development Urban Renewal Area and directing the filing of certification under Iowa Code Section 403.19. 
ADDITIONAL INFORMATION:
ATTACHMENTS:
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Resolution