• CITY OF CLINTON NOTICE OF PU...

CITY OF CLINTON

NOTICE OF PUBLIC HEARING OF THE CITY COUNCIL OF THE CITY OF CLINTON IN THE STATE OF IOWA, ON THE MATTER OF THE PROPOSAL TO ENTER INTO A DEVELOPMENT AGREEMENT WITH THE WASHINGTON, LLC, AND THE HEARING THEREON


PUBLIC NOTICE is hereby given that the Council of the City of Clinton in the State of Iowa, will hold a public hearing on April 19, 2017, at 9:30 A.M. in the Council Chambers, City Hall, 611 South Third Street, Clinton, Iowa, at which meeting the Council proposes to take action on the proposal to enter into a Development Agreement (the "Agreement") with The Washington, LLC (“Developer”).


The Agreement would obligate the Developer to construct certain Minimum Improvements (as defined in the Agreement) on certain real property located within the Washington Middle School Urban Renewal Area as defined and legally described in the Agreement and consisting of the construction of a 50 housing units (at least 45 of which are expected to be LMI Housing Units), together with all related site improvements, as outlined in the proposed Development Agreement.


The Agreement would obligate the City to make up to fifteen 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 $472,000, or the amount accrued under the formula outlined in the proposed Development Agreement, subject to the terms and conditions set forth in the Agreement. The City would also be obligated to make a one-time grant of $68,000 from the City’s LMI fund upon completion of the Minimum Improvements, subject to the terms of the Development Agreement.


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 Clinton, 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 Clinton in the State of Iowa, as provided by Section 364.6 of the City Code of Iowa.


Dated this 11th day of April, 2017.



City Clerk

City of Clinton in the

State of Iowa
Published: April 12, 2017.



-----
This ad has been viewed 59 times
PostedApril 18, 2017