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Mitchell County wise to utilize part of TIF revenue for housing projects: Letter

Mitchell County wise to utilize part of TIF revenue for housing projects: Letter

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LTE hedder

Last Sunday I read a Letter to the Editor in the GG from Al Winters.  I am amazed the GG continues to print his letters as like many previous letters from Al Winters, this letter was full of misinformation and half-truths. 

According to the 2015 estimate from the Census Bureau, of the eight counties in the North Iowa Area Council of Governments territory, Mitchell County was the only county to grow in population, growth was by 81. 

Mitchell County is wisely utilizing the wind farm TIFs in part on affordable housing projects.  The Mitchell County Economic Development Corporation makes what I reference as a “government loan” up to $30,000 to any house buyer (not the builder) to purchase a 3 bedroom spec house.  This house will pay property taxes to the various taxing bodies. 

Promise of TIF revenue comes with debt: Letter

An actual house north of St. Ansgar received the $30,000 loan.  The taxable assessed value of this house is $190,117 and pays property taxes of $4,826 annually.  In just six years and two months, the various taxing bodies will receive a total of $30,000 in property taxes or in 20 years,  will have paid $96,520 in property taxes. 

To look at this another way, the taxpayers of Mitchell County are receiving a 16% return on investment.  If Mitchell County failed to offer this incentive, this house may not have been built in Mitchell County nor would we be receiving these taxes annually.

Mitchell County welcomes new home buyers into our many wonderful communities.

Stan Walk, St. Ansgar


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