Iowa Department of Economic Development gives a $1 million tax credit to the development company of an apartment complex in the Decorah Business Park

The Iowa Department of Economic Development is awarding a $1 million tax incentive to Echo Development, the Cedar Falls company which has been trying to build an apartment project in the Decorah Business Park.  The award was part of a package of $10 million in tax credits announced by the state agency.

Echo Development Group approached City of Decorah representatives two years ago about a plan to construct one 46-unit apartment complex on property in the business park, adding another three units over time.  Each building will have a minimum assessed valuation of $3 million, the company said at the time, with a final project assessed valuation of $12 million.

Echo Development representatives were contacted by decorahnews.com, but were unavailable and did not return messages.  Winneshiek County Development Executive Director Stephanie Fromm said the Iowa Department of Economic Development's award of the tax credit means construction on the apartment project will begin later this year. 

A staffer with the Iowa Department of Economic Development says the project, "proposes to use a vacant parcel with a large woodland area to its southeast. The parcel is five acres in size and sits adjacent to the Decorah Business Park and Toppling Goliath Brewery. The project consists of one building with 46 units in the building. The building will be three stories in height and consist of 18 studio units; 22 one-bedroom units; and five two-bedroom units. The building will also include a lobby area and rooftop deck."