The Storm Lake City Council this week opted to move forward with consideration of a 5.8-million dollar Tax Increment Financing bond that would go toward improvements at the King’s Pointe Waterpark Resort.
Preliminary ideas for the TIF bond were discussed during a recent King’s Point budget work session. City Finance Director Brian Oakleaf said the bond would tackle a few major issues…(audio clip below :27 )
Specifics would include a complete update and refurbishment of both the indoor and outdoor waterparks, updating the event and banquet facilities, and remodeling all guest rooms.
Council member Kevin McKinney said it’s important to keep the resort up to date…(audio clip below :10 )
Oakleaf said that based on certain assumptions pertaining to the new bond, old bonds, and development agreements, the City is projected to have an additional 13.3-million dollars available in TIF funds for future development in the AWAYSIS area.
Bond proceedings are set to begin at the next council meeting.