116 3rd St SE
Cedar Rapids, Iowa 52401
CEDAR RAPIDS - Cedar Rapids City Council on Tuesday authorized an estimated $591,250 tax break for a low-income housing project in Kingston Village called Kingston Family Apartments.
The complex at Seventh Avenue SW and Third Street SW would include 52 one-, two- and three-bedroom apartments with rents ranging from $706 to $970 monthly. Six units would be market rate, while the rest would be restricted for those that earn 60 percent or less of the median household income of $32,820 to $46,860, depending on household size.
The tax breaks are conditional based on whether the developer, TWG Development and Landover Corp., is successful in getting a tax credit from the Iowa Finance Authority next March. The project was initially designed for seniors, but has been recast as a low-income housing project to better position it for tax credits, based on the authority's scoring criteria.
In other business, city leaders proposed a $1.2 million project to remove the steel bridge on McCloud Place NE over McLoud Run Creek and replace it with a new 81-foot long concrete slab bridge.
A 2009 Biennial Bridge Inspection Report stated the bridge had deteriorated to the point extensive repair or replacement was recommended, according to city officials.
About 80 percent of the cost is covered by federal and state sources. An initial contractor bid was rejected in March because it exceeded the probable cost estimate. If approved, the project could start next April and be completed over the summer, said Doug Wilson, Cedar Rapids Paving for Progress program manager.
A few flood-related items were also on the agenda:
' A contract worth up to $420,000 was approved with Quality Construction Services Inc. of Eldridge to remove 10,500 tons of sand used for sandbags from the 2016 flood.
' Cedar Rapids is moving $75,000 from the Cedar Rapids Business Revolving Loan Fund to the Cedar Rapids Metro Economic Alliance Foundation for a Small Business Disaster Recovery Fund. Business can apply for grants of up to $5,000 for losses during the flood of 2016. Eligible businesses are to have been in an evacuation area, had zero revenue at least one day due to the evacuation, suffered business interruption and the business should have 50 or fewer employees. Eligible costs to be considered are flood mitigation, such as use of generators or sandbags, loss of sales and loss of products. While the city doesn't have a full list of affected businesses, notices about the program went out to 1,100 businesses, said Jasmine Almoayed, the city's economic development manager.
' City Council backed the buyout of Best Western Cooper's Mill, 90 F Avenue NW, from DeLong Development Co. for $4.65 million for the real estate and $581,000 for property within.
Tuesday's meeting marked a return to City Hall, 101 First St. SE, for City Council members. They had not met in the building since it was closed Sept. 23 because of floodwater in the basement, which includes conference rooms and remains out of commission. Staff returned to City Hall offices on Monday.