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Council adopts resolution to back workforce housing tax-credit application for 36-unit project
Summary
Council adopted Resolution 25.11 approving a Workforce Housing Tax Credit Program application by 1410 Holton Drive LLC for construction of 36 apartment units near the Lamar airport, and the city recommended using an urban revitalization tax exemption as the local match; the estimated tax exemption totals about $284,000 over seven years.
The Lamar City Council adopted Resolution 25.11 on March 18 approving a Workforce Housing Tax Credit Program application by 1410 Holton Drive LLC for construction of multifamily housing near the city airport.
According to the staff presentation, 1410 Holton Drive LLC proposes to construct 36 apartment units (three buildings of 12 units each) on land west of the airport and near existing new apartment development. The applicant, identified in the meeting as Hugh Morrow, indicated he owns adjacent property and plans to acquire neighboring parcels to assemble the development site.
City administration recommended the city fulfill the local match for the Iowa Economic Development Authority application through the local urban revitalization tax-exemption program, which allows a percentage exemption of taxes on increased assessed value for the first seven years for multifamily residences. Staff estimated the total tax-exemption value at approximately $284,000 over the seven-year period.
Council adopted the resolution by roll call; members on the record voted yes. The resolution authorizes staff to submit and support the application to the Iowa Economic Development Authority on behalf of the applicant. Council did not approve direct funding beyond the tax-exemption mechanism at this meeting.
