Charles City, Iowa -Members of the Charles City School Board heard the North Grand building’s future for the first time at Monday night’s meeting.
After a half hour presentation from Shawn Foutch of JMAE, the project’s developer, board member Robin Macomber had this reaction:
Foutch discussed his background and previous projects he’d undertaken. His company specializes in rehabbing historic school buildings into market rate housing, meaning rent will be determined by the market. 35-40 studio, one to two bedroom apartments will be available to any income as long as its high enough where someone can afford to pay the rent.
Foutch said his company does not rehab buildings for low income housing.
He added the hardest part of this job is to finance housing in a small rural community, but his company is an industry leader in the area.
The $6 million project will take three years, nearly half of the cost will come from tax credits and some from tax abatement.
Foutch said in order to maintain the tax credits, he has to keep the historic integrity of the building.
He said all demographics from young to the elderly, small family to large family live in these apartments. The school will retain use of the 1970’s wing. The auditorium will remain intact and usable for the community.