Posted: January 20, 2023 | Updated: August 24, 2023
NOTICE AND CALL OF PUBLIC MEETING
GOVERNMENTAL BODY: THE CITY COUNCIL OF CRESCO, IOWA
DATE OF MEETING: JANUARY 23, 2023
TIME AND PLACE OF MEETING: 6:00 P.M. CITY HALL, 130 N PARK PLACE
(OR IMMEDIATELY FOLLOWING REGULAR MEETING)
PUBLIC NOTICE IS HEREBY GIVEN THAT THE ABOVE MENTIONED
GOVERNMENTAL BODY WILL MEET AT THE DATE, TIME AND PLACE SET OUT ABOVE. THE TENTATIVE AGENDA FOR SAID MEETING IS AS FOLLOWS:
ROLL CALL: KRIENER, McCONNELL, FORTUNE, BOUSKA, CARMAN
BUSINESS: There may be action taken on each of the items listed below.
- Discuss Financing for Upcoming Projects
COMMENTS FROM AUDIENCE:
THIS NOTICE IS GIVEN AT THE DIRECTION OF THE MAYOR PURSUANT TO CHAPTER 21, CODE OF IOWA AND THE LOCAL RULES OF SAID GOVERNMENTAL BODY. POSTED JANUARY 20, 2023.
Mayor Brenno called the Cresco City Council worksession to order on January 23, 2023, at 6:00 pm. Council Members Kriener, McConnell, Fortune, Bouska, and Carman were present. No council members were absent.
City Clerk Elton presented information on the bond process, estimated payments, and property tax levy rates. The City is anticipating borrowing about $4.4 million with a projected interest rate of 4% over 20 years with estimated payments about $315,000 due annually. Tax Increment Financing “TIF” was discussed as an alternative funding source for the debt payments rather than increasing the debt levy for the full amount. The 7th Street West Reconstruction Project borders two different Urban Renewal Areas and the Downtown Crosswalk Project is in an Urban Renewal Area. Council wants more information from legal counsel on options for using TIF for the upcoming projects. Council discussed other revenue-generating options including franchise fees on gas and/or electric bills and potential annexation. All options will be considered after getting more information on the process and procedures.
Bouska moved to adjourn the worksession at 6:43 pm. Carman seconded and it passed all ayes. The next regular Cresco City Council meeting will be February 6, 2023, at 5:30 pm at Cresco City Hall.
Mayor: David J. Brenno
City Clerk: Michelle Elton