City council approves tax abatement for S5!
The Iowa Park City Council met in regular session and conducted its first budget work shop Monday evening at Tom Burnett Memorial Library.
A public hearing was held to consider tax abatement incentives in the City of Iowa Park. After the hearing closed the council approved a resolution to adopt tax abatement guidelines and criteria governing tax abatement incentives in the city.
An economic development agreement between the city and Metal Roof Innovations LTD (S5! Manufacturing) was approved and the City Manager was authorized to execute the agreement.
The city’s Economic Development Director David Owen said, “S5! Manufacturing is building a 20,000 square foot addition to the west (of the main building). It is going to be about a $1.4 or $1.5 $1.5 million addition.” According to the agreement, S5! will create 10 additional jobs within the year.
A request by the Iowa Park Athletic Booster Club to waiver the city’s fireworks ordinance was approved. The waiver is to allow a fireworks display as part of the annual Hawk Explosion event to be held Aug. 15 on the high school campus.
As a back-up plan due to the Covid-19 situation, the event can be held at Oscar Park if the high school campus is restricted. City Manager Jerry Flemming told the council that the fire chief had given his approval.
Flemming gave the third quarter financial report. “We’re in as good a shape as we’ve ever been,” he said. There have been profits in four of five past fiscal years and because of this the city will have a fully-funded General Fund Reserve by the close of the present fiscal year. The reserve will be equivalent to the recommended four months General Fund operating expenses.
He also reported on the local State of Disaster for Public Health Emergency and gave the lastest COVID-19 statistics reported by the county health department.
BUDGET WORKSHOP
During the budget workshop council members were able to go through the first draft of the proposed budget that included a $4.11 million balanced General Fund Operating Budget and a $4.06 million balanced Utility Fund Operating Budget.
The tax rate was discussed, and each of the department heads presented the needs of their department.
The next budget workshop will be held on August 10. Flemming said budget and tax rate hearings are tentatively scheduled for Aug. 24 and Sept. 14, and adoption of the budget and tax rate on Sept. 28.
