(Atlantic, Iowa) – The Atlantic City Council will hold a Special Meeting at 9-a.m. Monday, July 1st, in the Council’s Chambers at City Hall. The  only item on their agenda is a presentation, and discussion, with regard to a TIF (Tax Increment Financing) letter received from IEDA (the Iowa Economic Development Authority), as it pertains to the Vision Atlantic Housing Development project.

During their regular meeting on June 5th, the Atlantic City Council approved making an application to IEDA for a waiver to allow a more flexible use of Tax Increment Financing (TIF) funding to help pay for the proposed housing project. The TIF request  for $10.5 million, is the largest request in Atlantic’s history. TIF funding can be used for market rate housing, but due to regulations, a certain percentage of the TIF funding needs to be set aside for low to moderate income housing. That percentage for the city of Atlantic is 47%, but if the waiver is approved, that percentage could go to 10%.

The idea to use TIF funding was part of the original proposal from Vision Atlantic that included the sale of 48 acres of land for $1 from the city to the group.

As previously mentioned, the project will invest $4,129,597 in infrastructure, $48,800,000 into housing, and a $10,700,000 child development center on the land.