NOTICE OF MEETING FOR APPROVAL OF DEVELOPMENT AGREEMENT WITH EVIE AND SETH PETERSON AND AUTHORIZATION OF ANNUAL APPROPRIATION TAX INCREMENT PAYMENTS
The City Council of the City of Nevada, Iowa, will meet at the Nevada City Council Chambers, in the City, on December 13, 2021, at 6:00 o’clock p.m., at which time and place proceedings will be instituted and action taken to approve a Development Agreement between the City and Evie and Seth Peterson (the “Developers”), in connection with the redevelopment of an existing commercial building, such building to include catering, office and conference space, in the Nevada Urban Renewal Area, which Agreement provides for certain financial incentives in the form of (i) an economic development grant in the amount of $15,000; and (ii) incremental property tax payments to the Developers in a total amount not exceeding $20,000 as authorized by Section 403.9 of the Code of Iowa.
The commitment to make incremental property tax payments to the Developers under the Agreement will not be a general obligation of the City, but such payments will be payable solely and only from incremental property tax revenues generated within the Nevada Urban Renewal Area. Some or all of the payments under the Development Agreement may be made subject to annual appropriation by the City Council.
At the meeting, the City Council will receive oral or written objections from any resident or property owner of the City. Thereafter, the City 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 Nevada, Iowa, in accordance with Section 403.9 of the Code of Iowa.