NOTICE OF PUBLIC HEARING OF THE CITY
COUNCIL OF THE CITY OF CORRECTIONVILLE IN THE
STATE OF IOWA, ON THE MATTER OF THE PROPOSAL
TO ENTER INTO A DEVELOPMENT AGREEMENT WITH
BREW, L.L.C., AND THE HEARING THEREON
PUBLIC NOTICE is hereby given that the Council of the City of Correctionville in the State of Iowa, will hold a public hearing on August 13, 2018, at 7:00 P.M. in the Council Chambers, City Hall, 312 Driftwood Street, Correctionville, Iowa, at which meeting the Council proposes to take action on the proposal to enter into an Agreement for Private Development (the “Agreement”) with Brew, L.L.C. (the “Developer”).
The Agreement would obligate the Developer to undertake the development of a property located within the City at 404 11th Street, Correctionville, Iowa (the “Development Property”) and then operate Developer’s business in the improvements on the Development Property and employ employees therein.
The Agreement would further obligate the City to make up to five (5) consecutive annual payments of Economic Development Grants to Developer consisting of decreasing percentages of the property taxes annually levied for and received by the City (less those taxes levied for a debt services levy or otherwise unavailable for such a grant) with respect to the Development Property (the “City-Only Property Taxes”), the cumulative total for all such payments not to exceed the lesser of the amount of City-Only Property Taxes accrued under the formula outlined in the Agreement or $50,000, under the terms and following satisfaction of the conditions set forth in the Agreement.
A copy of the Agreement is on file for public inspection during regular business hours in the office of the City Clerk, City Hall, City of Correctionville, Iowa.
At the above meeting the Council shall receive oral or written objections from any resident or property owner of said City, to the proposal to enter into the Agreement with the Developer. After all objections have been received and considered, the Council will at this meeting or at any adjournment thereof, take additional action on the proposal or will abandon the proposal to authorize said Agreement.
This notice is given by order of the City Council of the City of Correctionville in the State of Iowa, as provided by Section 364.6 of the City Code of Iowa.
Dated this 27th day of July, 2018.
/s/ Carla Mathers
City Clerk, City of Correctionville
in the State of Iowa
Published in The Record
Thursday, August 2, 2018