PUBLIC NOTICE is hereby given that the Council of the City of Fort Madison in the State of Iowa, will hold a public hearing on July 5, 2017, at 5:30 P.M. in the Council Chambers, City Hall, 811 Avenue "E", Fort Madison, Iowa, at which meeting the Council proposes to take action on the proposal to enter into a Development Agreement (the “Agreement”) with Boulders Inn Fort Madison, L.L.C. (the “Developer”).
The Agreement would obligate the Developer to construct certain Minimum Improvements (as defined in the Agreement) on certain real property located within the Urban Renewal Area #13 as defined and legally described in the Development Agreement, consisting of the construction of a 10,000 square foot addition to the north end of the Existing Facility (as defined in the Agreement), together with all related site improvements, under the terms and following satisfaction of the conditions set forth in the Agreement. One of the obligations of Developer relates to employment retention and/or creation.
The Agreement would further obligate the City to make up to six (6) consecutive annual payments of Economic Development Grants to Developer consisting of 80% of the Tax Increments pursuant to the Iowa Code Section 403.19 and generated by the construction of the Minimum Improvements, the cumulative total for all such payments not to exceed the lesser of $250,000, or the amount accrued under the formula outlined in the proposed Development Agreement, under the terms and following satisfaction of the conditions set forth in the Agreement.
The Agreement further proposes that the City will make a $250,000 Forgivable Loan to Developer payable upon completion of the Minimum Improvements and opening of Developer’s business under the terms outlined in the proposed Development Agreement.
The Agreement also proposes that Developer and the City will enter into a Minimum Assessment Agreement with the County setting the minimum actual value of the Minimum Improvements for tax purposes at not less than $3,070,220.
A copy of the Agreement is on file for public inspection during regular business hours in the office of the City Clerk, City Hall, City of Fort Madison, Iowa.
At the above meeting the Council shall receive oral or written objections from any resident or property owner of said City, to the proposal to enter into the Agreement with the Developer. After all objections have been received and considered, the Council will at this meeting or at any adjournment thereof, take additional action on the proposal or will abandon the proposal to authorize said Agreement.
This notice is given by order of the City Council of the City of Fort Madison in the State of Iowa, as provided by Section 364.6 of the City Code of Iowa.
Dated this 26th day of June, 2017.
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Melinda L. Blind
City Clerk, City of Fort Madison in the State of Iowa
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