The Kalona City Council finalized a Tax Increment Financing agreement this week. The city will provide $80,000 to YM Developers Inc over the next eight years for their Kalona Stables Subdivision. The money can only be used to create infrastructure when lots are sold and developed. Mayor Ken Herington says when people move to Kalona to live in new houses, they broaden the tax base, making up for the lost tax revenue from the TIF agreement.
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