The Lake View City Council is renewing its search for funding to complete a water main project after a resolution failed at Monday’s meeting. According to Administrator Scott Peterson, the purpose of the resolution was to secure funding for the water main extension project along Highway 175 to Evapco Inc. The resolution would have used funding from tax increment financing (TIF) which would have paid for about half the project’s cost. The total cost of the project is approximately $818,000 with $400,000 needing to be funded locally. Peterson says the first part of the project is funded through a grant by the Iowa Economic Development Administration (IEDA).
The TIF revenue the council was considering using is directly related to funding for the proposed community center.
Peterson notes there was a large contingency of supporters for the community building at Monday’s meeting. After hearing from those supporters, the council decided to vote against the resolution.
Peterson says the city will likely issue a municipal bond to pay for the remainder of the project, but the council will need to take further action at a future meeting before they can proceed.
