Public hearings set for proposed housing development project

     The owner of BR3, which developed the Dollar Fresh property, Brian Ridge, has expressed interest in building a 12-unit apartment building on the 1.25-acre lot east of the grocery store.

   The holding company for this new project is BR5 LLC.

   During the July 3 Monticello City Council meeting, the council approved several items on their agenda pertaining to the proposed development agreement, the city’s Urban Renewal Plan, and re-zoning the adjacent lot.

   BR5 is proposing to construct “workforce” housing, working with the Iowa Economic Development Workforce Housing Tax Credit program. The outcome of their grant application with the state remains unknown.

   Last May, the council passed a resolution offering support of the housing project, committing $12,000 toward the project.

   City Administrator Russ Farnum said BR5 would likely request TIF incentives.

   The property would need to be re-zoned from C-1 General Commercial to R-3 Multiple Family Residential.

   The council approved the proposed draft development agreement with BR5, and set three public hearings for Monday, Aug. 7 ay 6 p.m.

   Farnum said while some grading has taken place on the second lot, BR5 has not submitted a site plan nor civil engineering plans to address flooding concerns.

   The development agreement calls for about $260,000 in TIF incentives toward a proposed $2 million project, over a period of 12 years.