However, its construction appears to depend on the receipt of Workforce Housing Tax Credits from the Iowa Economic Development Authority.

The City Council on Monday endorsed the developer’s application for those credits and approved an agreement that could lead to the construction of the project.

The proposed building would be on vacant lots at the southwest corner of the intersection of Fifth Avenue South and 19th Street.

Those lots are owned by the city government. LD5 Apartment Homes LLC, of Fort Dodge, has proposed to buy them.

-Submitted image
This aerial view shows the location of the proposed retail/apartment building that would be built along Fifth Avenue South.

According to information presented to the council, the building would have four spaces for retail businesses on the first floor and a total of 24 apartments on the second through fourth floors.

LD5 Apartment Homes would invest a minimum of $3.5 million in the project, according to the agreement approved by the council.

If the tax credits are awarded and all other necessary approvals are obtained, construction would begin in June 2025 and be completed within three years.

The measures to endorse the application for the tax credits and to OK the agreement with the developer were approved unanimously without debate.