The Atlantic City Council, Wednesday, is expected to discuss a report from the Community Development Committee, with regard to the creation of a Tax Increment Financing (TIF) Policy. Councilman Shaun Shouse, Chair of the Committee, has been working with City Attorney Dave Weidersteen and the Committee, to come up with a draft TIF policy for the Council to review.
The City of Atlantic currently does not have a TIF policy in-place for commercial and industrial development. The result has been inconsistencies in how the funds have been awarded, and complaints about how those funds are distributed for some projects and not for others. City Administrator Doug Harris says without a TIF policy, the use of TIF funds are subject to abuse and waste. Among the many questions a TIF policy needs to address, according to Harris, is: What projects should be eligible? And, how much of the incremental tax revenue should be used as an individual development incentive, and how much should be used to fund needed public improvement projects which benefit the community as a whole, and help minimize future property tax requirements?
Mayor Dave Jones established a TIF Task Force to develop a fair and uniform policy to answer some of those questions. The task force in-turn, met with the Community Development Committee, which considered the task forces’ input in the development of the Committee’s recommendations, which may be adopted by the Council, in the form of a resolution.
In other business, the Atlantic City Council will consider a proposal by Syngenta crop products, to develop an advertising campaign with the City, to promote its “Agrisure Viptera” corn seeds, for local farmers. Advertisements would be placed in store front windows, on street lamps, park benches and other such locations. As part of the company’s public relations campaign, Syngenta would include Atlantic in advertisements targeting local farming communities. The City would work with the company to promote town events, living and other attractions, as part of the campaign.
And, Atlantic resident and businessman Jim Tyler, will address the Council during the Public Forum segment of their meeting, to talk about the Iowa Dept. of Natural Resources, and his property at 100 West 2nd Street, which has been classified as a contaminated site, under Iowa law.