Tax extension runs into road block - KTIV News 4 Sioux City IA: News, Weather and Sports

Tax extension runs into road block

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SIOUX CITY, Iowa (KTIV) -

An overwhelming majority of those in the current district have given the green light to extending the tax for another five years.  However, Downtown Partners wants to expand their boundaries to include the new Pearl Street District, and some developers aren't signing on the dotted line.

Council members say Rick Bertrand spent millions to put buildings back on the tax rolls and when he made that investment he didn't know he'd be asked to pay an extra tax.

"He's made significant investment, and they have plans for remodel on more and they just don't need another two-percent," said Mayor Pro-Tem John Fitch.  Fitch and other council members said Bertrand called them over the weekend urging them to keep him out of the SMID. 

The money Downtown Partners collects, which amounts to two dollars for every $100,000 in property, is used to make improvements and market the downtown.

"When Downtown Partners invests are our investors money in the district  it's going to help everybody on that street and on that block.  To have some participate and make that investment and others not and reap the rewards of that investment, I don't think is an equitable situation," pointed out Downtown Partners board president Jim Wharton. 

Council members plan to look at ways to redraw the boundaries to keep Bertrand and one other developer's property out of the SMID.  They'll be asked to make a final decision in April.

           

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