Notice of Public Hearing
NOTICE OF MEETING FOR APPROVAL OF DEVELOPMENT AGREEMENT WITH BURR OAK PLACE, LLC AND AUTHORIZATION OF ANNUAL APPROPRIATION TAX INCREMENT PAYMENTS
The City Council of the City of Glenwood, Iowa, will meet at the City Hall on June 22, 2021, at 7:00 p.m., at which time and place a public hearing will be held and action will be taken to approve a Development Agreement between the City and Burr Oak Place, LLC in connection with the construction of residential units in the Elm Street Urban Renewal Area, which provides for certain property tax incentives in the form of annual appropriation incremental property tax payments in a total amount not exceeding $2,000,000, as authorized by Section 403.9 of the Code of Iowa.
The Agreement to make annual appropriation incremental property tax payments will not be a general obligation of the City, but will be payable solely and only from incremental property tax revenues generated from property located within the City’s Elm Street Urban Renewal Area. All payments under the Development Agreement will be subject to annual appropriation by the City Council.
At the meeting, the Council will receive oral or written objections from any resident or property owner of the City. Thereafter, the Council may, at the meeting or at an adjournment thereof, take additional action to approve the Development Agreement or may abandon the proposal.
This notice is given by order of the City Council of Glenwood, Iowa, in accordance with Section 403.9 of the Code of Iowa.