Newton City Council Agenda May 4 2026
City Approves TIF Rebate for McCann Housing Associates
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Description
Newton approved a $45,535.20 TIF property tax rebate payment to McCann Housing Associates, LP for the 2nd half of FY 2025-2026 under a 2018 development agreement. The rebate, funded from the McCann Urban Renewal TIF Fund, returns 100% of eligible TIF taxes paid on the housing project at 1105 East 12th Street South.
Contract Details
Contract Amount
$45,535.20
Vendor
MCCANN HOUSING ASSOCIATES LP
Agency
City of Newton, IA
Contract Type
FINANCIAL_SERVICES
Document Date
May 4, 2026
Contract Term
Rebate for 2nd half of Fiscal Year 2025-2026 property taxes
Renewal Date
2026-06-30
Renewal Info
Payment is pursuant to an existing 2018 development agreement providing a 100% TIF rebate for FY 25/26; this action applies to the 2nd half of that fiscal year's taxes.
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