Sheldon, Iowa — At their Wednesday noon regular meeting, the Sheldon City Council approved a Development Agreement with Eagle Construction of Sioux Falls, for the construction of multi-family housing units in the Sheldon Crossing Addition.
The development agreement calls for the construction of a 30-unit apartment and townhome complex that would be Phase I of a project that calls for the ultimate construction of a total of 77-units in that area.
Steve Boote of Eagle Construction told the council that his company would be the developer of the complex, and that they already have similar developments in Aberdeen, Yankton and Mitchell in South Dakota, as well as a development in Spirit Lake that has been open for about 4-months, and already enjoys 68-percent occupancy of its 71 apartments and 10 townhome units. Boote said Eagle is in the process of building a similar development in Spencer, that is scheduled to open in two months, and already has more than 30 names on a waiting list for units in that complex.
Boote told the council that the developments Eagle Construction builds aren’t subsidized housing units, but are affordable housing with upgraded quality throughout. And he told the council that his company goes, “out of our way” to buy materials and supplies locally. He says the buildings in the development would be 3-story, 30-unit buildings, set in a village concept. He said that, with the amenities provided tenants, the developments become their own little community.
Following the presentation from Boote, and Community Development Director Curt Strouth, the Sheldon City Council voted unanimously to approve the Development Agreement, which calls for the City to provide a 10-year, 100-percent tax rebate on the property, with some provisions. Boote called the tax abatements vital to helping keep the final rental cost affordable for the development’s tenants.
Photo Caption: Steve Boote of Eagle Construction Addresses Sheldon City Council
