OTHERAPPROVED

City of Boone Agenda Packet 2026-06-15

Boone approves TIF-backed housing development agreement

Maximum aggregate Economic Development Grants not to exceed the lesser of available Tax Increments, $410,360, or 50% of Qualified Costs and Expenses (estimated Public Improvements cost $821,320)City of BooneHUNZIKER DEVELOPMENT GROUP LLCJune 15, 2026

Trusted by teams at

Description

The City of Boone approved an Agreement for Private Development with Hunziker Development Group, LLC for Phase 1 of the East Central Housing Urban Renewal Area. The developer will construct at least 13 housing units and public infrastructure in exchange for up to ten years of tax-increment-funded Economic Development Grants capped at $410,360 or 50% of qualified public improvement costs.

Contract Details

Contract Amount

Maximum aggregate Economic Development Grants not to exceed the lesser of available Tax Increments, $410,360, or 50% of Qualified Costs and Expenses (estimated Public Improvements cost $821,320)

Vendor

HUNZIKER DEVELOPMENT GROUP LLC

Agency

City of Boone, IA

Contract Type

OTHER

Document Date

June 15, 2026

Contract Term

Commencement Date upon full execution in 2026 through December 31 of the year in which the final (up to 10) Economic Development Grant is paid; Developer must complete Public Improvements by December 31, 2026 and at least 13 Housing Units by January 1, 2036

Renewal Info

Agreement terminates on December 31 of the year the final Economic Development Grant is paid, or earlier under specified default or non-appropriation conditions; no automatic renewal but tax increment certifications and annual appropriations control payment stream.

More from HUNZIKER DEVELOPMENT GROUP LLC