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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 and taxes generated; staff estimated the project would generate $2,000,000 in total taxes over 10 years with about $1,200,000 exempted under the abatement.
During public comment, William (Bill) Hopp, treasurer of the Prairie Gardens board, urged the council not to approve the project as presented and proposed an escrow account funded by Prairie Gardens real estate taxes to protect co‑op shareholders from potential share devaluation or sales impacts. Hopp also requested traffic mitigation at Dean Road and Stone Creek Circle, including a four‑way stop and a speed limit change on nearby state routes. Robert Smith, representing the Stone Creek Apartments developer, described the project’s design, utilities, and conformance with codes and said the applicants plan to seek workforce housing tax credits from the Iowa Economic Development Authority.
Council members asked about construction staging, access for existing residents during construction, and design updates to meet local design standards. Scott Mather said incentives would only be provided if state incentives are awarded and that more detailed review and updated renderings could be brought back to council at later stages. Council approved the resolution of support and the related zoning change with the expectation of follow‑up on staging, design improvements and consultation with nearby residents.
