T-R PHOTO BY ROBERT MAHARRY — The Creekside Townhomes project just off of South 6th Street in Marshalltown will benefit from nearly $798,000 in tax incentives after the Iowa Economic Development Authority (IEDA) announced awards for 25 communities in the state earlier this week.

AREA — As part of an effort to attract more young people to plant their roots here, the Iowa Economic Development Authority (IEDA) recently awarded Workforce Housing Tax Credits (WHTCs) to projects in a total of 25 communities in the state, including Marshalltown and Conrad within the T-R coverage area.

The Creekside Townhomes project in Marshalltown, located just north of Wayward Social off of South 6th Street, will receive nearly $798,000 in incentives — $720,000 in WHTCs and a $77,784 sales tax refund. The developer, Brian Ridge, has already purchased several of the lots in the new subdivision with the intention of creating market rate rental duplexes, three-plexes and one four-plex.

City Consultant Cindy Kendall was elated when she heard the news and hoped that it would help more people who work in Marshalltown find housing within the community instead of having to commute.

“They’re going to be more modern complexes than what a person might have, especially for those who are coming into the entry (level) of the employment field,” Kendall said. “But it’s also going to be a situation where they are rentals, so for the start-up young employee, that gives them an opportunity to live in the community (and) invest in the community and all of our amenities. I think the bike path is really another one of those shining stars for Marshalltown right now. (The project) will also give them an opportunity to graduate to single family developments that are currently going on (at a later date).”

If construction goes as planned this fall, interior work will likely begin in the winter, and the units could be occupied as soon as next spring. Mayor Joel Greer is enthusiastic about the opportunity to attract more young professionals to Marshalltown.

“Having just studied a piece with research on housing challenges since after World War II, affecting most cities in the country, I am excited to have developers, like the ones willing to build market rate and, frankly, any residences, in Marshalltown,” Greer said. “It is rare for any cities our size in this state to have developers invest without getting some help on tax abatement or tax increment financing, or other incentives. We are lucky to have those devices available for them.”

Marshalltown Area Chamber of Commerce President/CEO John Hall expressed a similar sentiment, noting that the lack of housing options can make hiring much more difficult for the city’s employers.

“We were very excited to see the award for Workforce Housing Tax Credits on the Creekside Estate project. We know that housing continues to be one of the largest barriers to community growth, company recruitment, and retention of quality employees,” he said. “This housing development continues to aid us in overcoming those challenges locally.”

T-R PHOTO BY ROBERT MAHARRY — Origin Homes of West Des Moines will receive a total of $198,336 in tax incentives to build five single-family homes at the Catherine Farmer Addition in Conrad.

In Conrad, Origin Homes will receive a $150,000 tax credit paired with a $48,336 sales tax refund — a total of $198,336 in incentives — to construct five new single family homes at the Catherine Farmer Addition on the north side of town near BCLUW Elementary School. Mayor Jeff Martin recalled that City Clerk Lori Stansberry met a representative from Origin, a division of Hubbell Realty, at a statewide meeting and pitched him on the idea of building in Conrad.

That conversation progressed into an in-person tour of the community from Martin, Stansberry and City Engineer Luke Wilson.

“We felt like they liked what they’d seen, but we didn’t know for sure. And then we heard a few months later that they narrowed it down to three towns, and we knew we were one of the three,” Martin said. “We ended up being one of them pending this grant from the Iowa Economic Development Authority… There were several small towns that did get chosen, so we were happy we were one of them.”

Origin also received incentives for projects in Jefferson and Knoxville. The company is purchasing five lots in Conrad with plans to build single family spec homes and sell them, due in part to their belief that they’ll move off the market quickly.

“They don’t want to build homes to sit on for two years. They want them done,” Martin said. “I think if someone wanted to buy one prior to building, they could work with them and make some adjustments compared to what they want.”

Out of a total of 50 lots created when the development was platted — the first residents moved there in 2021 — there are currently four homes constructed and owner occupied, with two taking up more than one lot (eight total lots have been sold, not including Origin’s five). Adding five more will approximately double the population of the addition, which is positioned close to the elementary school, the Comet Trail and the Conrad Family Aquatic Center.

Stansberry said the new homes will be valued at under $300,000, so they will provide a more economical option for first time buyers who want to live in the community. She also noted that they may work with other builders on developing more housing in the Catherine Farmer Addition in the future, including duplexes for those interested in downsizing from larger homes.

“Houses don’t stay for sale very long in this town, and that’s part of the reason we wanted to get another builder,” she said.

Young teachers looking to start families in the communities they serve are a key target for the project, Stansberry added. The city of Conrad has also purchased 93 acres of agricultural land on the east side of town for future commercial and/or industrial development, which the city clerk and the mayor hope will be part of a larger growth strategy for the future.

Elsewhere in the surrounding area, the Woodland Park Apartments project in Eldora will receive a total of $998,901 in incentives for the construction of 32 units.