FINANCIAL_SERVICESAPPROVED

Town of Lyons Urban Renewal Authority Agenda 2026-05-21

LURA Approves $1.7M TIF Deal With Roots to Revival

TIF up to $1.7 million dollars requestedTown of LyonsROOTS TO REVIVAL LLCMay 21, 2026

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Description

The Lyons Urban Renewal Authority approved Resolution 2026-01, entering into a Redevelopment and Reimbursement Agreement with Roots to Revival, LLC for 402 Main Street using tax increment financing up to $1.7 million. The agreement sets administrative fees, indemnification, and a shortfall reimbursement clause to support a key downtown redevelopment project within the 25-year URA term.

Contract Details

Contract Amount

TIF up to $1.7 million dollars requested

Vendor

ROOTS TO REVIVAL LLC

Agency

Town of Lyons, MN

Contract Type

FINANCIAL_SERVICES

Document Date

May 21, 2026

Contract Term

25-year URA term referenced; agreement includes three-year shortfall reimbursement window and potential payments in later years (e.g., years 13–15)

Renewal Info

URA plan area has a fixed 25-year term that cannot be extended under current law; uncommitted funds at the end of the term would be distributed pro rata to projects and taxing entities, and any continuation would require adoption of a new plan. Agreement contemplates a three-year window and potential later-year shortfall reimbursement after LURA operating expenses are covered; future amendments are possible by mutual agreement.