HomeMy Public PortalAbout2023-022 Resolution Approving the Payment of Tax Increment Financing Funds to Woods S&K Capital, IncAnthony Heddlesten, Mayor
RESOLUTION 2023-022
RESOLUTION APPROVING THE PAYMENT OF TAX INCREMENT
FINANCING FUNDS TO WOODS S & K CAPITAL, INC.
WHEREAS, the City of Riverdale, Iowa ("City") is a municipal corporation, organized and operating under
the laws of the State of Iowa; and,
WHEREAS, on October 10, 2017, the City entered into a Developer's Agreement ("Agreement") with
Woods Construction & Development, Inc., now Woods S & K Capital, Inc. ("Developer"), for construction
of the Woods Estates development ("Development"); and,
WHEREAS, the Developer has substantially completed the public improvements of the Development;
and,
WHEREAS, the Agreement included a Tax Increment Financing ("TIF") plan in the amount of 31.15% of
the property taxes collected, up to a total of $1.5M, to be paid to the Developer for reimbursement of
public improvement expenses; and,
WHEREAS, property taxes totaling $16,504.77 for properties in Woods Estates have been certified and
received to -date by the City, for which the Developer is entitled to 31.15%, or $5,141.24; and,
WHEREAS, the Developer has submitted the proper TIF certification and reimbursement request, per the
Agreement, along with the required evidentiary support for these expenses; and,
WHEREAS, the City wishes to make payment in the amount of $5,141.24 to the Developer, and the
funding source for this action is # 126-950-6591 - TIF2 Payments to Developer.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RIVERDALE, IOWA,
THAT:
SECTION 1: Woods S&K Capital, Inc., has met the criteria for Tax Increment Financing reimbursement in
the amount of $5,141.24.
SECTION 2: City staff is directed to make payment to Woods S & K Capital, Inc., in the amount of
$ 5,141.24.
Passed and approved this 14th day of March 2023.
APPROVED: ATTEST:
City of Riverdale, Iowa
110 Manor Drive, Riverdale, Iowa 52722 1 (563) 355-2511 1 www.riverdaleia.org