CITY OF PEOSTA, IOWA
URBAN RENEWAL PLAN AMENDMENT
PEOSTA URBAN RENEWAL AREA
November, 2026
The Urban Renewal Plan (the “Plan”) for the Peosta Urban Renewal Area (the “Urban Renewal Area”) is being amended for the purpose of identifying new urban renewal projects to be undertaken therein.
Identification of Projects. By virtue of this amendment, the list of authorized urban renewal projects in the Plan is hereby amended to include the following projects:
A.
Name of Project: Industrial Park Infrastructure Project
Date of Council Approval of Project: November 10, 2026
Description of Project: The Commercial/Industrial Infrastructure Project (the "Project") will consist of the installation of public infrastructure improvements, including street, municipal sanitary sewer system, and waterworks system improvements, on and along Kapp Drive, beginning at and including its intersection with Peosta Street on the east and continuing west through the industrial park in the Urban Renewal Area necessary for future commercial and/or industrial development thereon.
It is expected that the completed Project will cause increased and improved ability of the City to provide adequate transportation and public infrastructure for the growth and retention of commercial and industrial enterprises in the Urban Renewal Area.
Description of Properties to be Acquired in Connection with the Project: The City will acquire such easement territory and right-of-way as are necessary to successfully undertake the Project.
Description of Use of TIF: It is anticipated that the City will pay for the Project with either borrowed funds and/or the proceeds of an internal advance of City funds on hand. In any case, the City's obligations (the "Obligations") will be repaid with incremental property tax revenues derived from the Urban Renewal Area. It is anticipated that the City's use of incremental property tax revenues for the Project will not exceed $8,000,000, plus any interest expense incurred by the City on the Obligations.
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