Spencer, IA (Northwestiowanow.com) — Two developers tell the city of Spencer they’re ready to construct new housing if public funds can be tapped to bring down the overall costs of the projects.
Acting City Manager Kevin Robinson says the state of Iowa has awarded Spirit of Okoboji one million dollars and C.R. Lloyd of Sioux Falls 900 thousand.

The Spirit of Okoboji is requested a ten-year tax abatement and installation of sewer, water, and pavement to a 30-unit apartment complex, which would add up to a million dollars. Projected rent would be 950 dollars a month for one-bedroom units, and twelve-hundred dollars a month for two-bedroom units.
C.R. Lloyd wants twenty-five build-ready lots from the city, which could amount to over 5 million dollars. They say that would allow them to build 310-thousand-dollar homes that could be sold in the 265-thousand-dollar range.
Robinson says the council is deciding which – if either – project to support financially.

 

Councilmembers note that new home construction was a priority well before the flood, but no developers were coming forward, and the state grants plus local incentives could help achieve that long-term goal.