Charles City, Iowa – Discussions continued Tuesday morning between Charles City and Floyd County officials over who foots the bill for the proposed certified site north of Highway 218 and East of Gilbert Street.
New information surfaced showing the city’s South Grand TIF district has more increment meaning the city could bond to purchase and payoff the near $2.5 million dollar parcel, which is designed for industrial site development.
Supervisor Roy Schwickerath says the city needs to look at.
City officials have asked the county to borrow the money and use their debt capacity since it’s greater than the city’s.
Schwickerath says he’s wary of taking on the purchase.
The first plan was to amend the piece of land from the South Grand TIF into the Southwest TIF in order to use more increment to pay a three-year option with intent to purchase in the time frame.
Supervisor Linda Tjaden and other board members agreed the city should formally ask the county to purchase it.
The next step is for the city their options.