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COUNCIL COMMUNICATION
City Manager’s Office
GENERAL INFORMATION
Agenda Date: 06/07/04 Communication No.: 04-292
Agenda Item Type: Resolution Roll Call No.:
Submitted by: Richard Clark, Deputy City Manager
SUBJECT—
Resolution Approving Whiteline Lofts, LP’s Application for Enterprise Zone Benefits for a Project in Des Moines.
SYNOPSIS—
This action would approve of Whiteline Lofts, LP’s application for Enterprise Zone benefits. Jeff Schachtner is the Manager of Whiteline Lofts, LP and is authorized to sign the Enterprise Zone application. The office of Whiteline Lofts, LP is at 2641 86th Street, Urbandale, Iowa.
The project will consist of the adaptive reuse of a 90 year-old warehouse building at 120 SW 5th Street, Des Moines, Iowa. The building will be converted into 64 condominium units with underground and surface parking.
FISCAL IMPACT—
Whiteline Lofts, LP will be eligible for up to $896,000 of investment tax credits (estimated $692,000 in equity) as well as $178,947 in sales tax refund from the State of Iowa Enterprise Zone Program
RECOMMENDATION—
Approval
BACKGROUND—
This project proposes to rehabilitate a 90 year-old warehouse building located in the Court Avenue Neighborhood into 64 condominium units. The total project cost is $15.36 million. This project is the adaptive reuse of a mostly vacant and dilapidated building. The units will appeal to a wide-range of downtown employees as the sale prices of the units range from just over $100,000 to over $500,000. After the units are sold, a condominium association will manage the building.
The project meets the EZ housing program requirements of rehabilitating or constructing three multi-family units. Rehabilitation and construction will be completed within two years from the start of construction and will meet all applicable quality and local safety standards.
The Downtown Des Moines Neighborhood Association will review the project at their June meeting.