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Council backs support letter to extend tax credits for Waverly Medical Park housing
Summary
The council authorized a letter supporting Waverly Medical Park LLC’s application for an extension of its workforce housing tax credit award. Developer Kevin Fitzrook told the council 16 lots have sold and 14 homes are under construction; he said an extension would help complete the project’s first phase of roughly 40 homes.
The Waverly City Council on July 20 approved a resolution authorizing the mayor to execute a letter of support for Waverly Medical Park LLC’s application to the Iowa Economic Development Authority seeking an extension of a workforce housing tax credit award.
Kevin Fitzrook, representing Panther Builders and Waverly Medical Park, described progress at the development: "We have 16 lots sold in there, 14 houses under construction," and said the builder is "looking at 2 to 3 starts a month as long as sales and the market stays the way it is." Fitzrook said an extension would allow completion of the tax credit for the first phase, which he said would reach about 40 houses, and that a second phase would follow with about 18 homes.
Councilors asked clarifying questions about the two separate projects and application timing; Fitzrook confirmed there are separate applications for different phases and that the extension being requested would apply to the 40-unit portion currently nearing the application deadline. After the exchange and brief council discussion, the council approved Resolution 26-152 authorizing the mayor to execute the support letter.
The transcript does not record specific conditions attached to the letter of support or detailed timelines for the extension beyond the developer’s description of project pace and the stated need to secure the tax credit extension to complete construction.
