PHOTO VIA MIKE LADEHOFF he empty lot pictured at 403 E. Church St. is the future site of the Timber Ridge Senior Living Complex. The Marshalltown city council finalized a loan agreement with the development company behind the project during a special meeting Tuesday night.

The Marshalltown city council held a brief special meeting at Veterans Memorial Coliseum on Tuesday night to formally approve a development agreement for a 42-unit senior low-income housing project at 403 E. Church St.

According to documents provided as part of the meeting packet and previous discussions, the city will commit to a 16-year, $320,000 low-interest loan agreement with Timber Ridge Senior Limited Partnership to build the three-story complex, just east of Wolfe Eye Clinic, with the loan money drawn from the city’s wastewater fund.

The estimated construction cost is $11-$12 million, and the building is expected to be completed and operational by the fall of 2024. A building permit has been issued for the project, and construction is projected to begin as soon as possible.

City Administrator Jessica Kinser said the development company behind the project, Conlin Properties, received a grant for senior low-income housing in Marshalltown from the Iowa Finance Authority around late 2021 or early 2022, and she is excited to see it formally moving forward.

“We do hear frequently about seniors needing housing with an elevator, so we think this will be a very popular project,” she said. “The city is happy to be a partner in making this project happen, and this is the first lot around the old hospital campus where we’re starting to see redevelopment. So we’re glad to see that happen.”

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Contact Robert Maharry

at 641-753-6611 ext. 255 or

rmaharry@timesrepublican.com.