NOTICE OF MEETING FOR APPROVAL OF DEVELOPMENT AGREEMENT WITH FARMERS COOPERATIVE/VIAFIELD AND AUTHORIZATION OF TAX INCREMENT PAYMENTS
The City Council of the City of Marble Rock, Iowa, will meet at the City Hall on the 3rd day of January, 2012, at 7:00 p.m., at which time and place proceedings will be instituted and action taken to approve a Development Agreement between the City and Farmers Cooperative/Viafield with respect to the expansion of its operations, which agreement provides for certain financial incentives to the Company in the form of incremental property tax payments in accord with the following schedule of 80% incremental property tax rebate x 10 years on the initial $2,500,000 of project valuation, as authorized by Section 403.9 of the Code of Iowa.
The agreement to make incremental property tax payments will not be a general obligation of the City, but will be payable solely and only from incremental property tax revenues generated within the Bradford Street Economic Development District/Urban Renewal Area. A portion of the payments under the Development Agreement will be made subject to annual appropriation by the City Council.
At the meeting, the Council will receive oral or written objections from any resident or property owner of the City. Thereafter, the 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 Marble Rock, Iowa, in accordance with Section 403.9 of the Code of Iowa.
Sandra Winters, City Clerk