HomeMy Public PortalAbout2023-109 Resolution Approving the Payment of Tax Increment Financing Funds to Woods S&K Capital, Inctsx. 19
RESOLUTION 2023-109
Resolution Approving the Payment of Tax Increment
Financing Funds to Woods 5 & K Capital, Inc.
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 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 the Developer, additional property taxes totaling $99,244.22 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 $30,914.57; 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 $30,914.57 to the Developer, and the funding
source for this action is #126-950-6591 - Welch Farms TIF 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 (TIF) reimbursement
in the amount of $30,914.57.
City staff members are directed to make payment to Woods 5 & K Capital, Inc., in the amount
of $30,914.57.
Passed and approved this 28th day of November 2023.
APPROVED:
Anthony Heddlesten, Mayor
ATTEST:
IchtuL
Kelly K ell, Cle k
City of Riverdale, Iowa
110 Manor Drive, Riverdale, Iowa 52722 1 (563) 355-2511 1 www.riverdaleia.org