The Clinton City Council is offering support to two new and separate housing type developments.
One of those is the renovation of the now vacant Lafayette Building in downtown Clinton. Bush Construction is proposing a 18.5 million dollar renovation project to turn the first floor into retail space and the upper floors into apartments.
The city would offer a property tax abatement and a total of 450-thousand dollar city payments three separate benchmarks at $150,000 for each one. City Administrator Matt Brooke says the council will still have more discussions on the development agreement.
48 market rate and 4 low to moderate income apartments would be part of the upper floors development.
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In another development – a private firm is planning housing for those 55 and older. The building would near the intersection of Lametta Wynn Drive and the Expressway.
The firm – Woda-Cooper Company is proposing a three story building with 50 units for independent senior living. There would be 18 one bedroom and 32 2 bedroom units.
Barry Accountis of the firm – says this would be the fifth year working in Iowa and 15th year in business.
Accountis says each unit has kitchens, washer-dryer and other amenities plus other unit amenities are added.
Accountis says the 9.4 million dollar development cost is a combination of private investment, tax credits and other funding. The Senior housing is known as Adler Pointe Development.
The firm has developments in Cedar Rapids, Johnston and the Des Moines area and is working on one in Wilton. Accountis said as the Ohio based company worked in Iowa they heard good things about Clinton and the city scored high in the tax agencies funding rules.
The council agreed to consider a formal resolution of support at a special meeting to be held May 3rd.
Link: Council Presentation
