The Joint Review Board for the city of Owen met on Monday, October 27 at Owen City Hall. Brian Reilly from Ehlers was on hand to discuss the finances of TIF #3 and TIF #4. He said TIF #3 is doing …
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The Joint Review Board for the city of Owen met on Monday, October 27 at Owen City Hall. Brian Reilly from Ehlers was on hand to discuss the finances of TIF #3 and TIF #4. He said TIF #3 is doing well and should close a couple years early. TIF #4 has balloon loan payments coming due in 2027 and will have to be refinanced into permanent loans. They are currently paying interest only. Both TIFs had previously been classified as distressed to get more time to pay off TIF expenses.
TIF #3 is set to close in September 2033. For 2024, it showed revenue of $42,597 and expense of $2,751. The TIF still owes $138,153.
TIF #4 is set to close in September 2037. For 2024, it showed revenue of $590,552 and expenses of $563,896. The TIF still owes $905,754.
