City of Davenport issued the following announcement on Nov. 7.
Davenport City Council will expedite a resolution of support at its meeting tonight for one downtown apartment developer while hearing similar requests from four other developments that could add more than 500 units to the area.
Aldermen will change the rules at tonight’s Committee of the Whole meeting to vote on a resolution of support for a proposed 55-unit development at 400 West River Drive seeking Workforce Housing Tax Credits. Four other developers have similar requests that will be approved at the Nov. 13 Council meeting.
The largest proposed downtown development is at 500 LeClaire St., near the under construction YMCA, where 185 market rate apartments are planned.
The State of Iowa allocated $10 million in tax credit authority for the Workforce Housing Tax Credit (WHTC) Program in counties affected by flooding earlier this year. The State intends to obligate these credits on a first come, first served basis. A five-story mixed-use project slated for the south side of the River Center with 60 units has already received a resolution of support and applied for the tax credits.
Other projects that are seeking resolutions of support include a 33-unit project at 601 Brady St., a combined project at 128 W. 3rd St., 229 W. 3rd St. and 203 W. 3rd St. totaling 127 units and a 106 unit project at 201 Harrison St.
All the projects also must show a local match commitment of at least $1,000 per housing unit. Four of the five qualify for the Urban Revitalization Tax Exemption (URTE) area and the fifth would receive other funding in order to qualify.
Original source can be found here.
Source: City of Davenport
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