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Council approves support for 12-unit apartment tax-credit application from Luxury Real Estate LLC
Summary
The council adopted Resolution 2625 to back Luxury Real Estate LLC's Iowa Workforce Housing Tax Credit application for a proposed 12-unit apartment near the airport and recommended using the Urban Revitalization Plan tax exemption to meet the local match requirement.
Le Mars staff presented a request from Luxury Real Estate LLC to construct a 12-unit apartment building near the airport and asked the council to approve submitting a Workforce Housing Tax Credit application on the company's behalf. Staff recommended meeting the local-match requirement through the city's Urban Revitalization Plan tax exemption, which provides a seven-year exemption on the city and county portions of property taxes for the increase in assessed value for qualifying multifamily residences.
The council adopted Resolution 2625 to approve the application and the proposed local-match approach. The roll call recorded in the minutes shows the following votes: Conurs: yes; Wick: yes; Sturgeon: yes; Pick: yes; Friends: yes.
The meeting record included an estimate for the seven-year tax-exemption value, but the figure in the transcript is formatted unclearly; staff should be asked to confirm the exact estimated fiscal value of the exemption over seven years before publication of any budgetary summaries.
