BOONE, Iowa—The Boone City Council will be considering support for several housing projects that could result in at least 75 apartments in the city. The Council’s Economic Development Committee will review the requests at a meeting at 4:15 p.m. in the Council Chambers at Boone City Hall.
Prairie Place, LLC seeks to construct a 23 unit apartment building. The City has been asked to approve a development agreement offering a 10 year TIF tax rebate up to 50% of projected infrastructure costs not to exceed $1.139 million.
Lincoln Flats, LLC seeks to construct 24 housing units at the former Lincoln School. The development agreement would be a $24,000 forgivable loan.
Page Flats, LLC seeks to construct 28 housing units at the former Page School. The development agreement would be a $28,000 forgivable loan.
Finally, Elite Gutters, LLC seeks support for two single family rehabilitation projects for houses on Greene Street. The development agreement would be a 100% exemption from taxation on the first $75,000 of actual value added by improvements for a period of 5 years.
Recommendations will be made to the full Council for action during the Council’s meeting.