Officials are in the process of figuring out the future value of the 500 North Grand Building, the former Charles City Middle School.
Des Moines Developer Shawn Foutch is in the process of a three-year refurbish of the building that will provide 40 new apartments.
An incentive of a 10-year tax abatement is also on the table to help get the project off the ground, but figuring out the value of the building is difficult since the site never payed property taxes due to being a public building, according to Charles City Mayor Dean Andrews.
While the abatement period is longer than the typical allowance, Andrews says the City feels there are several reasons why the are looking at going above and beyond.
Foutch has repurposed a number of historic building around the state, including sites in Fort Dodge and Algona.
It’s anticipated that construction won’t begin until 2021 at the earliest.