The City of Monmouth continues to move forward with the creation of a new TIF District.
Tax Increment Finance districts divert property tax revenue to a fund that can be used for economic development projects, facade grants, and the like.
City Administrator Lew Steinbrecher tells WGIL that the city will be holding a public meeting later this month for residents to ask questions about the proposed new district that will include parcels on North and South Main Street.
Additionally, tax-paying parcel owners outside of the TIF district can be included on a registry established by the City’s TIF consultant for various informational mail-outs.
“All property [owners of tax parcels] inside the boundaries will be notified by mail,” Steinbrecher said in a Tuesday interview. “This registry is for any additional interested parties that might have an interest in wanting to learn more about the TIF or what the projects might be within that TIF district.”
Steinbrecher said the public meeting will be held on Monday, August 24, at 6:00 pm.
On the subject of TIF Districts, A pair of restaurant properties in Monmouth are going to be receiving reimbursement money for improvements made from the current TIF District which includes the downtown and West Harlem Street corridor.
The Monmouth City Council on Monday approved two motions for TIF money, the first to the Patton Block Grill and Brewpub for facade improvement to the tune of over $4,250. Those improvements include two new awnings, a sign, and outdoor lighting.
The other TIF funds approved would go to Chase Gibb, who purchased the Barnstormer and began rehabbing the building.
Steinbrecher says that the rehab at the former Barnstormer restaurant would cover only a portion of qualifying expenses.
“We will provide up to 30 percent of financial assistance for eligible building rehabilitation. Which are some of the core features, like the HVAC, the roof repairs or replacement, the new 100-amp electrical service. Those will all qualify.”
Council documents say that the new Gibb, who owns several restaurants in Iowa, will be investing $174,832.50 into the building.
Steinbrecher says that about $103,000 qualifies for the reimbursement, which means reimbursement will not exceed $32,000.