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Council backs JG1 LLC application for Workforce Housing Tax Credit for 12-unit development
Summary
The council voted to adopt Resolution 2628 supporting JG1 LLC's application to the Iowa Economic Development Authority for Workforce Housing Tax Credits to build six duplexes (12 for-sale units) on the former county home site, and agreed to satisfy the local match via a five-year Urban Revitalization tax exemption estimated at approximately $66,000.
The Lamar City Council on May 19 approved a resolution supporting JG1 LLC's application to the Iowa Economic Development Authority for Workforce Housing Tax Credits for a proposed development of six duplexes (12 for-sale multifamily units) on the site of the former county home in northeast Lamar.
Administration recommended the city fulfill the local match requirement through the Urban Revitalization Plan tax-exemption program, which provides a 100% exemption on the first $75,000 of assessed value of the city and county portions of property taxes for the first five years. Administration estimated the total value of that five-year tax exemption at approximately $66,000. The developer and staff clarified on the record that the units are for sale, not rental.
A council member moved to adopt Resolution 2628 approving the application; the motion was seconded and passed by roll call. No amendments or conditions were recorded on the record. The resolution authorizes city staff to sign and submit the required application materials to the Iowa Economic Development Authority on behalf of JG1 LLC.
The record did not include final site plans or construction schedule. Funding, tax-credit award, and final project approvals are contingent on state authority decisions and any subsequent permits or financing steps.
