Woodbury Co. leaders approve tax increment financing district - KTIV News 4 Sioux City IA: News, Weather and Sports

Woodbury Co. leaders approve tax increment financing district

SIOUX CITY, Iowa (KTIV) - Woodbury County leaders have approved a plan that will eventually generate millions of dollars for the area.

County supervisors unanimously agreed to go forward with the Liberty Park Urban Renewal Plan. Finance and operations controller Dennis Butler said this means 515 acres near CF Industries will be part of a TIF, tax increment financing, district. 

"This is an opportunity to do improvements down there without taxing everybody in the county," Butler said.
Butler said improvements will focus on infrastructure projects like roads, water, and sewers. 

"It leads us to do a lot of things we can do to help the people. There is absolutely no detriment to property owners in increment districts. It's a benefit to help do things they may normally have to pay for, now we can do it with TIF revenues," Butler said.

"If you have an area that generates $100 in taxes and you TIF that area, everybody still gets that portion of the $100. But, let's say that land goes from 100 to a thousand, now you got $900 more in taxes that would be under the control, in this case of the county," Woodbury County Supervisor Larry Clausen said. 

County officials said taxpayers will benefit because if all the money isn't used for infrastructure projects, the county will release it back to those who paid taxes.  

"There will be no increase on taxes unless their values increase through re-valuation or new construction," Butler said. 

"It is the right thing to do and like I say, it accomplishes what we need to accomplish," Clausen said

The county already plans to use money from the TIF district toward improving roads near CF Industries. 

Clausen said the money generated from the TIF district won't be available to the county for four more years.

He expects the first sum of money to be about half a million dollars.

He said the percentage they receive from these funds will grow over time. 

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