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Targeting Downtown Development
Wed May 2, 2012
Fort Madison Considering New TIF District
A commonly-used incentive program for downtown development is advancing in Fort Madison.
The city council has approved the second reading of an ordinance that would create a new tax increment financing district.
A portion of the property taxes collected on buildings within a TIF district goes to infrastructure projects. A baseline property value will be developed to determine the amount available for new sidewalks or streets.
City Manager Byron Smith says the new district would stretch from 2nd Street to 10th Street along Avenues G & H. Second Street to Tenth Street… along Avenues “G” and “H.”
“This is a tool to help us redevelop the area,” says Smith, “and help us to maybe offer some incentives to people who come in and do some renovations.”
Smith says there have been a few developers who have shown an interest in the downtown district with the potential of a TIF district being available.
The measure must be approved by the Fort Madison City Council one more time.
Neil Boeding has returned to the Fort Madison City Council.
After representing the 4th ward for years, Boeding assumes the At-Large seat vacated by Brad Randolph. Randolph stepped down after he was appointed to replace the late Steve Ireland as mayor.
The city council approved Boeding’s appointment by a 5-1 count. He is expected to serve through the November general election, though the state could increase that based on potential legislation in Des Moines.
1st Ward Alderman Chris Greenwald nominated Boeding. He said his decision was based on the short amount of time Boeding could serve and his prior experience.
Six men applied for the vacant seat.