City of Decorah will give $308,000 to developer of the Water Street Flats low income housing project

Sketch of the proposed development

The Decorah City Council has unanimously approved holding a public hearing November 21st on a proposal to give $308,000 to a developer working to build the Water Street Flats apartment complex on the east end of Water Street.

City council members met at 4:45 p.m. Monday with development representative Tom Anderson to discuss the group's plans for "Section 42" low-income housing on the current Farmers Win Coop property.

The proposal calls for the developer to receive a $22,000 a year tax abatement for the first ten years of the project, then the remaining $88,000 over five years as part of a tax incremental financing district.

City council members spoke highly of the project.  "This is a project that would definitely fall under (the low- to moderate-income) guidelines," said council member Randy Schissel, while council member Steve Luse called the project "a wonderful opportunity( for the city)."