The Sioux City Council approved development and minimum assessment agreements with WB Land and Development in its meeting Monday.
In August, WB Development purchased about 270 acres of land on 3000 Outer Drive, aiming to develop it into a mixed-use area of residential and shopping.
During the meeting, Paul Koskovich, a developer in Sioux City, asked the council multiple questions about the bidding process for development projects.
Koskovich asked the council why the city is taking on the TIF funding instead of the developer.
Renae Billings, Economic Development Manager for the City, said since the developer will be building the infrastructure, the city will use future taxes to pay back the developer in the form of an economic development grant.
The city will provide a grant of up to $2.87 million as reimbursement for costs of the public improvements.
Nicole DuBois, City Attorney, noted the development agreement requires the developer to follow a publicly opened bidding process in front of city staff, but it would not come to the council.
After a long discussion about the bidding process, council member Craig Berenstein motioned to defer the action for one week. Mayor Bob Scott seconded the motion, but the rest of the council members voted to approve the action.
