HomeMy Public PortalAbout2023-036 Resolution Approving the Payment of Tax Increment Financing Funds to WoodsRESOLUTION 2023-036
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 5 & 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, since the last TIF payment to Woods 5 & K Capital, Inc., additional property taxes totaling
$11,934.26 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 $3,717.52; 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 $3,717.52 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:
SECTION 2:
Woods 5 & K Capital, Inc., has met the criteria for Tax Increment Financing reimbursement in
the amount of $3,717.52.
City staff is directed to make payment to Woods 5 & K Capital, Inc., in the amount of
$3,717.52.
Passed and approved this 23rd day of March 2023.
APPRO D:
ATTEST:
Anthony Heddlesten, Mayor Kelly Krell,
City of Riverdale, Iowa
110 Manor Drive, Riverdale, Iowa 52722 1 (563) 355-2511 1 www.riverdaleia.org