FINANCIAL_SERVICESAPPROVED

City of Polk City Council Meeting Agenda Packet 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

Polk City approved a development agreement with PC Dev Partners, LLC to support construction of a new commercial and retail campus at 1401 Bridge Road. The City will provide up to $665,000 in tax increment rebate payments over an eight-year period, contingent on incremental property tax revenues and ongoing business operations at the site.

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

June 1, 2029 (earliest) – June 1, 2038 (latest), up to eight annual TIF payments over an 8-year period

Renewal Date

2038-06-01

Renewal Info

Agreement runs through the earlier of June 1, 2038 or when total payments reach $665,000; payments are subject to annual appropriation and may be reduced if the developer delays the Triggering Certification beyond October 15, 2029. No automatic renewals are provided, and the City may terminate upon default by the developer.