FINANCIAL_SERVICESPENDING

City of Cedar Falls Planning and Zoning Commission Agenda April 22 2026

TIF-Backed Deal Planned for Wild Horse Ridge 7th

approximately $2,114,000 in public infrastructure costs; Economic Development Grants not to exceed $1,642,000City of Cedar FallsMIDWEST DEVELOPMENT COApril 22, 2026

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Description

Cedar Falls proposes a development agreement with Midwest Development Co. to support the Wild Horse Ridge 7th Addition, reimbursing up to $1.642 million in TIF-backed Economic Development Grants for about $2.114 million in public infrastructure to serve 32 new lots and a 2.25-acre park. The agreement will rely on a new urban renewal area and a ten-year TIF term for housing-related public improvements.

Contract Details

Contract Amount

approximately $2,114,000 in public infrastructure costs; Economic Development Grants not to exceed $1,642,000

Vendor

MIDWEST DEVELOPMENT CO

Agency

City of Cedar Falls, IA

Contract Type

FINANCIAL_SERVICES

Document Date

April 22, 2026

Contract Term

Up to ten annual Economic Development Grant payments; TIF use limited to ten years from second fiscal year after first debt certification

Renewal Info

Economic Development Grants will end after the earlier of ten annual payments, expiration of the City's ability to collect tax increment for the area, payment of the $1,642,000 cap, or termination under the agreement terms. The underlying residential TIF authority runs for ten years after the start of the second fiscal year following first debt certification.