Development Agreement Terms
-Mill Farm Partners, LLC (Developer) will build a 32-unit affordable mufti-family complex in the View Point subdivision in Pella. The project will contain 16 3-bedroom units and 16 2-bedroom units, as well as a clubhouse. The units will be Section 42 housing with a portion consisting of Low or Moderate Income Units for families or persons with a physical or mental and/or developmental disability. The construction of the minimum improvements will require an investment of approximately $5.2 million.
-The Developer experts completion of the project by December 31,2014.
-The Developer will maintain units as Section 42 Housing for at least 30 years- In addition, the Developer agrees not to convert any of the units to Section 8 Housing.
-The Developer is required to meet all City requirements for zoning, public infrastructure, and other required legislative processes.
-The resolution approves support totaling $310,000, with $290,000 in the form of property tax rebates through tax increment financing. The remaining $20,000 would be in the form of development fee waivers (i.e. building permit fee, engineering review fees, etc.).
-The resolution limits the TIF rebates to a fifteen year period of time.