Charles City, Iowa – Charles City officials and the developer for the 500 North Grand Building are closer to inking a deal for the development of the property.
City Administrator Steve Diers says one of the stipulations is a 10-year, 100 percent tax abatement.
Simply put, Shawn Foutch, the property owner, is trying to become exempt from paying taxes on the value of the improvements for the next decade and only pay tax on the value of the property before rehabbing.
Diers says the council is reviewing parking designs, timelines and other details.
Foutch has flipped other historical properties into housing in Algonoa and Fort Dodge and received raved reviews according to Diers.
He said with the old middle school building on the historical registry site, the stakes are high.
The council is planning to discuss the development agreement at tonight’s city council planning session. No official action is scheduled.