FINANCIAL_SERVICESAPPROVED

City of Polk City Council Meeting Agenda April 27, 2026

Polk City OKs $665K TIF Deal With PC Dev Partners

Not to exceed $665,000City of PolkPC DEV PARTNERS LLCApril 27, 2026

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Description

The City of Polk City approved a development agreement with PC Dev Partners, LLC to provide up to $665,000 in tax increment rebate payments over eight years to support construction of a new commercial and retail campus at 1401 Bridge Road. The incentive will be funded from incremental property tax revenues and is subject to annual Council appropriation and compliance with development covenants.

Contract Details

Contract Amount

Not to exceed $665,000

Vendor

PC DEV PARTNERS LLC

Agency

City of Polk, IA

Contract Type

FINANCIAL_SERVICES

Document Date

April 27, 2026

Contract Term

Up to eight (8) annual tax increment rebate payments, with no payments after June 1, 2038

Renewal Date

2038-06-01

Renewal Info

Agreement term runs from its 2026 commencement date until the earlier of June 1, 2038 or when total payments reach $665,000. City may withhold payments or terminate upon specified defaults. No automatic renewals are provided.