FINANCIAL_SERVICESAPPROVED

City of Anamosa City Council Agenda 2026-06-22

City Approves $1.2M TIF Agreement With Forge

Not to exceed $1,200,000City of AnamosaFORGE INCJune 22, 2026

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Description

The City of Anamosa approved a Development Agreement with Forge, Inc. for the Northland Second Addition housing project, providing up to $1.2 million in tax increment financing over 16 years to reimburse eligible infrastructure costs. Payments will be made annually from incremental property tax revenues and are subject to yearly council appropriation.

Contract Details

Contract Amount

Not to exceed $1,200,000

Vendor

FORGE INC

Agency

City of Anamosa, IA

Contract Type

FINANCIAL_SERVICES

Document Date

June 22, 2026

Contract Term

Sixteen (16) annual economic development tax increment payments, anticipated June 1, 2029 through June 1, 2044

Renewal Date

2044-06-01

Renewal Info

Agreement term runs until the earlier of June 1, 2044 or when total payments reach the lesser of accepted infrastructure costs or $1,200,000; payments are subject to annual appropriation and are not general obligations of the City.