(Red Oak) The Red Oak City Council is considering expanding how tax increment financing funds can be used for downtown improvements.
At Monday’s meeting, Chip Schultz with PFM presented updated financial information regarding the city’s Downtown Urban Renewal Area and the tax increment financing, or TIF, revenue available for future projects.
City Administrator Lisa Kotter said the Downtown Urban Renewal Board has requested additional funding for its building improvement program. Under the proposed amendment, the maximum allocation for downtown building improvements would increase from $350,000 to $400,000 over five years.
The city also identified additional TIF revenue that could support other downtown projects without necessarily reducing funding for existing building improvement grants.
Proposed uses include improvements at Historic Fountain Square Park, historic preservation efforts, downtown revitalization incentives and administrative costs associated with urban renewal projects.
The downtown revitalization incentive program would receive up to $400,000 over the city’s 2028 through 2032 fiscal years.
City officials say funding amounts would be evaluated annually based on available revenue, anticipated projects and priorities.
The council approved Resolution 2026-92, setting a public hearing on the proposed amendment for November 16 at 5:30 p.m. at the Red Oak Fire Station.
