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Missouri Valley council approves up-to-$423,817 loan and amended agreement for 500 E Erie project
Summary
The Missouri Valley City Council unanimously approved Resolution 26-07 to authorize an economic development loan not to exceed $423,817 to 500 East Erie LLC and approved an amended development agreement (Resolution 26-08) extending the project timeline and related terms.
The Missouri Valley City Council on March 3 approved an economic development loan of up to $423,817 to 500 East Erie LLC and authorized an amended development agreement extending project completion dates and permitting other changes.
The actions came by unanimous roll call votes after councilors said the project would add economic diversity, housing opportunities and public benefits warranting the loan under Chapter 15A of the Code of Iowa. Council member Tuttle moved to approve Resolution 26-07; Struble seconded and the motion carried with Tuttle, Keizer, Struble, Meadows and Gilpin voting aye.
Resolution 26-07 finds the project will “add diversity and generate new opportunities for the Missouri Valley and Iowa economies” and authorizes the loan in an amount not to exceed $423,817, subject to terms in the agreement. The council also approved Resolution 26-08, which amends an earlier agreement (originally for up to $155,000) to extend the completion date and make related modifications; the amended agreement was authorized for execution by the Mayor and City Clerk with the City Administrator and bond counsel empowered to make technical adjustments.
During related discussion, a member of the public, Patty Stueve, raised safety questions about 500 E Erie, asking whether the building has proper insurance and expressing concern about the lack of fire escapes. Building Official John Harrison responded that, according to the city attorney, the Building Inspector is not required to attend preliminary abatement hearings. Harrison also clarified that shipping containers are treated as accessory structures and require a permit.
Mayor Roger Marshall and council members framed the loan vote as a means to spur renovation of a mixed-use commercial and residential property and to create and retain jobs and housing. The resolutions include authorization for the Mayor and City Administrator to finalize and execute the loan and guaranty documents presented to the council.
The council did not record any dissenting votes on the loan or amended agreement. The next procedural step is execution of the agreement documents and any additional documentation required to implement the loan under the terms approved by the council.
