by Michelle Watson
At the Monday night meeting of the Clear Lake City Council, an Urban Revitalization Plan passed the first of three required readings of an ordinance to create the Sunset School Urban Revitalization Area.
The plan will enable affected property within the Urban Revitalization Area to be eligible for a partial property tax exemption of 80 percent for a period of five years.
According to City Administrator Scott Flory, Chapter 404 of the Code of Iowa grants the City the authority to adopt the plan/area. Under the terms of the plan, qualifying residential development would be eligible to receive a partial abatement from property taxes.
Dolly James LLC, of Cedar Rapids, owns the property and has been interested in developing residential housing with an emphasis on market-rate apartment rentals. The plan would enable the city to possibly offer incentives to develop the property.
Flory said this is a plan that establishes an opportunity for an economic development incentive. It is not a zoning hearing.
The City Council will consider the second reading of the revitalization plan at its Nov. 16 meeting and the final reading will be held Dec. 7.