NOTICE OF MEETING FOR APPROVAL OF DEVELOPMENT AGREEMENT WITH VERMEER DEVELOPMENT, INC. AND AUTHORIZATION OF ANNUAL APPROPRIATION TAX INCREMENT PAYMENTS The City Council of the City of Pleasantville, Iowa, will meet at the Council Chambers in Pleasantville, on August 21, 2017, at 5:30 oÕclock p.m., at which time and place proceedings will be instituted and action taken to approve a Development Agreement between the City and Vermeer Development, Inc. (the ÒDeveloperÓ), in connection with the development of a residential subdivision and the corresponding construction of public infrastructure in the 2017 Springview Urban Renewal Area, which Agreement provides for certain financial incentives in the form of incremental property tax payments to the Developer in a total amount not exceeding $920,666 as authorized by SectionÊ403.9 of the Code of Iowa. The agreement to make incremental property taxÊpayments to the Developer will not be a general obligation of the City, but will be payable solely and only from incremental property tax revenues generated within the 2017 Springview 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 Pleasantville, Iowa, in accordance with SectionÊ403.9 of the Code of Iowa. Joe Mrstik City Administrator
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PostedAugust 10, 2017