Background:
The 324 Main Street Project has requested City support for its application to the Iowa Economic Development Authority (IEDA) for State tax incentives under the Workforce Housing Tax Credit (WHTC) Program for the 79-unit project located at 324 Main Street.
The application requirements for the WHTC program include the submission of a Resolution in support of the housing project by the community where the project will be located and requires documentation of local matching funds pledged for the project in an amount not less than $1,000 per dwelling unit.
The project is located within the City's Urban Revitalization Tax Exemption (URTE) area and is applying for 10 year, 100% exemption schedule. The URTE benefit will meet the minimum City contribution of $1,000 per dwelling unit required by the WHTC program and the project will be required to comply with the Downtown Davenport Streetscape Improvement Plan as administered by the City Engineer.
Approval of this Resolution will authorize the Mayor and staff to execute the documents needed to support this project's WHTC application.