Sheldon Council Approves TIF Agreement With Village For New Village Treasure Chest Building

Date posted - March 22, 2012

When the Sheldon City Council met Wednesday they approved a Tax Increment Financing agreement with Village Northwest Unlimited who will be constructing a new building for the Village Treasure Chest.

This 10,400 square foot building will be on one and one half acres of land immediately west of the new Hy-Vee store. Development Director Mark Gaul pointed out that the Village pays property taxes on all their business buildings as well as the waiver homes. They also collect sales tax on the retail items they sell. The Village has agreed to a minimum property assessment of six hundred thousand dollars in exchange for the land.

Gaul told the council this will generate $19,246 annually in real estate taxes. Even with the seven year TIF agreement it will net $91,000 in taxes during that period.

In other business the council approved the use of part of the City Parking Lot by Perspective Insurance for a Civil War Exhibit. Ron Rensink told the council this exhibit which is traveling throughout Iowa features the role of Iowans in the Civil War and it is sponsored by Employers Mutual Insurance Company and the Iowa Historical Society. It will be open to school children and the general public from April 13th through 18th in the City Parking Lot adjacent to the Sheldon Library.

The Library was also an issue at the Council Meeting. Joel Gustafson, a member of the Library Board told the council the Board wants to communicate better with the council. He presented a report of some of the uses the Library was making of the money they have received from the City Budget. This includes six thousand dollars for a new library checking system, refinishing of some chairs, purchasing tables, a new book kiosk for the children’s area, an E-reader program and other items. The remaining balance will be used to increase circulation materials.

Gustafson also complained that some years ago the city reduced their budget for funding the Library. Council member Duane Seehusen explained that this was done when a special tax levy for the library was put in place. According to the minutes of the Library Board’s February meeting they expect to receive over $29,000 in levy funds in the next fiscal year, plus $127,500 from the City.

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