City Council to address development agreements
Development agreements with Kemna Properties and Wendy’s owners Dennis and Jean Johnson will be addressed at Monday’s meeting of the Fort Dodge City Council.
The city plans to purchase land from Kemna for the East Region Storm Sewer project for $120,000. In addition, $240,000 would be paid out over three years to assist Kemna with its redevelopment plan, using tax increment financing. It is estimated the project will generate approximately $111,000 annually in increment.
Kemna is making a $5 million investment in its new sites.
The Johnsons would be paid $20,000 over three years in increment funds; it is estimated the project will generate approximately $8,800 annually in increments. A new Wendy’s restaurant is under construction next to the old location.
Tax increment financing occurs when increased property tax revenue from designated areas is reinvested in those areas.
At its last meeting the council approved an expanded urban renewal area which makes these investments possible.
More permanent easements for use with the storm sewer project will also be up for vote.
The council will hold a public hearing and the first of three votes on rezoning needed for construction of Bemrich Electric’s office. A portion of this redevelopment will occur within the alley located to the north of the property, upon vacation of the alley. The property is located at 116 S. 21st. St.
The council will vote on rezoning land at 805 Kenyon Road to be used for a bank. The land is currently zoned for hospital/medical use.
The council will also hold the second reading of an amendment to the water and sewer code. The existing program was out of compliance with the Iowa Department of Natural Resources. Because of Fort Dodge’s size, it is also required to have an industrial pretreatment program for large users that could have a significant and potentially negative impact on the wastewater treatment plant, said Derek Anderson, of McClure Engineering.
The City Council will meet at 6 p.m. Monday in its chambers at the Municipal Building, 819 First Ave. S.