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The City of Newton is paying out over $100,000 in tax increment financing (TIF) fund rebates in connection with two 2021 development projects on the east side of town. In September of 2021, the city reached a development agreement with Van Maanen, Inc for their offices and facility at 500 Iowa Speedway Drive, within the East Mart Urban Renewal Area. The Agreement requires the City t0 rebate 100% of all TIF property taxes paid by Van Maanen Electric in fiscal year 2024-2025. City Administrator Matt Muckler says Van Maanen Electric paid $97,362 in first half property taxes, resulting in a 100% rebate from the TIF Fund of $82,673. Meanwhile, Theisen’s is getting a $28,271 100% TIF Fund rebate for their new store within the East Mart Urban Renewal Area at 3021 1st Avenue East. That development agreement with the city was in December of 2021. Muckler says Theisen’s paid first half of property taxes totaling $33,294.