The Gazette covers City Hall, now a flood-damaged icon on May's Island in the Cedar River

Ninety-unit Cedar Pond Townhomes development gets $15.3 million in federal tax credits; construction should start by Oct. 15

In City Hall on July 8, 2009 at 1:47 pm

If all goes as planned, a Minnesota developer will begin construction in mid-October on the 90-unit Cedar Pond Townhomes development on 11.2 acres south of Williams Boulevard and north of Wilson Avenue SW.

The developer, EverGreen Real Estate Development, Prior Lake, Minn., on Wednesday was awarded $15.3 million in federal affordable-housing tax credits by the Iowa Finance Authority to help fund the project.

Greg McClenahan, president of EverGreen, said the firm’s plan was to start construction by Oct. 15 and be complete in a year.

The city’s Replacement Housing Task Force and the City Council, on a 6-2 vote in late March, backed the project over some objections from neighbors.

“It’s been a long process,” McClenahan said Wednesday afternoon. “I feel gratified that the city has been a big supporter of the project.”

Cedar Pond will feature 48 two-bedroom units and 42 three-bedroom ones with one of the units for an on-site manager.

The units are targeted to households who earn 60 percent or less of the area’s median family incomes.

McClenahan has other rental complexes in Iowa. A University of Iowa graduate, he was at the University of Iowa this week going through freshman orientation with his son.

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  1. Minneapolis? Hmm? Wassa matter with us boys down on the Ave? Talked to an apratment complex operator today. City staff forwarded applications regarding building low income/affordable housing to local developer/operators. The deadline is 7/24. They say the out of towners have had this same application information for months.

    Is this worth some folow up questions Rick? I think Department of Development would be a good place to start to ask, and then ask the local owners, and then ask when the folks from out of town were made privy to the packet.

    I’d guess there might be a story here.

  2. Another Minnesota developer ? I’m shocked, Shocked we never seem to get anyone from Minnesota to come here….. oh wait yes we do. in fact we get a huge amount of them. where is Jim Prossler from ? nuff said.

  3. This is just one more example of how deceitful the City Counsel and City Manager and all the staff in all the departments has become. If I was a party to this type of deceit I wouldn’t be able to sleep at night. CULTURE OF DELAY, LIE, CHEAT,
    and COVER UP! Vote them out come NOVEMBER!

    Eagerly awaiting a full story from Rick!

  4. Saw an out of town developer at lunch today with a local former politician. Hmm. I bet I can predict some future events/developments. Anyone want to take my bet?

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