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Council backs Stone Creek workforce housing application after neighbor concerns; requests follow‑up on escrow proposal
Summary
Council approved a resolution supporting Stone Creek Apartments LLC’s application for Iowa workforce housing tax credits for a $14.5M, 92‑unit project, while residents called for protections including an escrow to address potential co‑op devaluation and traffic mitigations. Council asked staff to confer with residents and review staging and design details.
Council voted to support a local match application by Stone Creek Apartments LLC to the Iowa Economic Development Authority for workforce housing tax credits.
Scott Mather explained the proposal is a $14.5 million investment to build two three‑story buildings totaling 92 units (mix of one‑ and two‑bedroom units) intended as workforce housing. If awarded state credits, the city’s standard local incentive would be a 10‑year exemption of increased value…
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