In October, Dr. Steve Kraus approached the Carroll City Council to request a reclassification of the area near City Hall to allow for a 15-year Tax Increment Financing (TIF) rebate for a planned property development. After the city council approved a letter-of-intent to Kraus’ company, DMBA Properties and Consulting, Inc., the city is working towards getting the area categorized as part of a new project. City Clerk and Finance Director, Laura Schaefer, says a solid renewal plan needs to be in place before they move forward.
This new project area will fall between North Main Street and Clark Street from east to west and between 5th Street and East 4th Street from north to south. To qualify for a TIF, a developer must show potential for community improvement. Schaefer says the proposed project would do just that.
With the change to the area, the city is considering street resurfacing on Court Street to Clark Street and curb, gutter and signage improvements as part of the project. If the area is approved as an urban renewal location, DMBA would then qualify for TIF rebates. These suggestions will be reviewed at the next Carroll City Council meeting on Monday, Dec. 12, at 5:15 p.m.
