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Council sets public hearing on assignment of Floyd Valley Apartments land lease after owner seeks sale
Summary
Council set a public hearing for July 15, 2025, to consider the assignment of the city land lease for Floyd Valley Apartments from Weinberg Investments Inc. to THR Floyd LLC. Representatives said the buyer plans roughly $2 million in renovations and will continue affordable housing participation; financing documents remain under negotiation.
The Le Mars City Council established a public hearing for 12:00 p.m. on July 15, 2025, to consider the proposed assignment of the City’s land lease for Floyd Valley Apartments from Weinberg Investments Inc. to THR Floyd LLC.
City staff explained state and local procedures require council‑set hearings for assignment of long‑term land leases. The current owner, Weinberg Investments Inc., is selling the property and requested the council’s approval to assign the existing lease to THR Floyd LLC. A representative identified as Roger Coger, who said he represents Sioux Falls Environmental Access (the building owner), appeared at the meeting and described the planned transaction.
Coger said THR Floyd LLC would be formed under the structure of a nonprofit (the buyer’s parent organization), that the buyer is seeking financing, and that the budget for planned renovations is about $2,000,000 to improve kitchens, flooring and general building condition. He said recent work included elevator modernization and extension of the fire suppression system. Coger said the property is currently operated to serve low‑ and moderate‑income residents through a HUD rental subsidy program that limits tenant rent contributions.
City staff and council clarified that the assignment on the council agenda is limited to the land lease; no city approval of financing or renovation obligations was required for the lease assignment. Councilmembers asked whether renovations were guaranteed as a condition of the assignment; staff and the owner’s representative said no such requirement is contained in the lease assignment being considered and that separate financing documents are still being negotiated.
The council set the public hearing date and indicated city staff would provide required hearing notices to affected utilities, Plymouth County supervisors and adjoining property owners ahead of the hearing.
No final action on the lease assignment was taken at the meeting; the hearing will allow formal public comment and a final council decision.
