10-home, 16-townhome subdivision considered in Muscatine

MUSCATINE, Iowa (KWQC) - Members of the Muscatine City Council discussed approving tax increment financing support for a residential subdivision Thursday night.

The 26-lot subdivision would be between the south end of Clarabeck Lane and the north end of Green Acres Drive, according to council documents.

The subdivision would include 10 single-family homes, which would start at $425,000, and 16 zero-step townhomes, which would cost between $350,000 and $375,000.

The city would give developers $400,000 for infrastructure once the road is completed. The money would come out of the city’s sewer extension fund.

The TIF is for 10 years, and repayment would be split up in several ways:

• 40% would automatically go to the city’s low- and moderate-income funds.
• 30% would be used to refund the sewer extension fund, and the developer would receive 70% to pay for the investment.

The council unanimously supported moving the project forward.