Sheldon, Iowa — If a proposed bill currently being looked at by the Iowa House Ways and Means Committee becomes law, it could throw a monkey wrench into the City of Sheldon’s plans to use Tax Increment Financing to construct the Events Center that is proposed for the Sheldon Crossing area of east Sheldon.
HSB-639 would prevent the use of TIF funds for a public building that is exempt from taxation, including the grounds of, and the erection, repair or reconstruction of, as well as additions or extensions to, such a building on or after the date of the bill becoming law.
The City of Sheldon has been studying the construction of a new Events Center, and are proposing the building be paid for with TIF funds.
While HSB-639 is currently being discussed by the House Ways and Means Committee, it is uncertain whether it will make it out of committee, and uncertain if it would pass the entire Iowa House. We talked with State Senator Randy Feenstra, who told us that, according to indications he has received from the Democrat majority in the Iowa Senate, the bill’s passage in that chamber this session is highly unlikely.
