Susie Sower Park could become a privately-owned green space in downtown Marshalltown with city council approval and a nod from the state.
CommonBond Communities, a Minnesota-based developer, is reapplying to the Iowa Finance Authority to renovate Tallcorn Towers for low-income housing and retail space. However, this time CommonBond is hoping to secure Susie Sower Park, just north of the Tallcorn Towers, as a green space to boost its application.
Last June the IFA denied the project, along with one at the Iowa Wholesale Supply building, with no explanation.
The Marshalltown City Council was asked during its committee of the whole meeting Monday to discuss passing a resolution of support and an agreement about the park with CommonBond. The council is expected to vote on that resolution at next week's meeting.
"We feel as a community this is a good project for us," said Michelle Spohnheimer, Housing and Community Development director. "It does meet some of the goals we have for redevelopment so we're asking for a resolution to be approved."
City Attorney Curt Ward drafted restrictive covenants regarding the park that require it to permanently be used as green space and be properly maintained. A final contract agreement was not complete on Monday for the council to review, Spohnheimer said.
Council member Leon Lamer suggest postponing the vote, but Spohnheimer said if approval is not met next week it would compromise getting the application to the IFA by the Feb. 3 deadline. Should the council not pass a resolution, CommonBond would indicate on its application that they are preparing documents for city council consideration, she said.
"There is some benefit to the city in terms of maintenance would be reduced in that park, we've had issues of lighting and other activity going on which we wouldn't have those same responsibilities if it were privately owned," she said. "It's a benefit to their project having green space associated to their project."
The Tallcorn Towers project would convert 64 housing units into 49 one and two-bedroom rentals with nearly 4,000 square feet of retail space available on the first floor. The project is estimated at approximately $9.7 million. CommonBond had previously secured a purchase agreement with B.O. Bryngelson, owner of the Tallcorn Towers.
Marshalltown Senior Residences, which would be located at the Iowa Wholesale Supply building, is also reapplying to the IFA, Spohnheimer said. Those 28 housing units were previously going to be used for mixed income residents, however, the developers will reapply for all low-income units, she said. That project received a HOPE VI Main Street Program grant of $1 million in July 2010.
Spohnheimer estimated it would be roughly three months before they received a decision about the applications from the IFA.
