Monmouth City Council has approved two ordinances that coincide in the continuation of the Beck Oil redevelopment project, explains City Administrator Lew Steinbrecher:
“The first one was the vacation of the City’s Maple City Drive right of way. This was to allow for additional development to occur on that property. That was part of a redevelopment agreement that had been previously entered into between Beck Oil and the City. The second one was the annexation of a 2.23-acre parcel of land that Beck Oil had purchased on the north side of Maple City Drive. This is the area where the truck fueling station and parking lot will be developed. Both of those ordinances were approved as part of the overall redevelopment plan. Of course, this a performance-based project in that the City has created a new tax increment financing district that will allow Beck Oil to be reimbursed for TIF eligible costs.”
Funds used to reimburse the Beck Oil developer will only come from future property taxes that are generated from the property itself. No City of Monmouth General Fund tax dollars will be used.
