Des Moines City Council to vote on incentives for Hubbell apartments near Wellmark Y

Des Moines City Council to vote on incentives for Hubbell apartments near Wellmark Y

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BUSINESS RECORD STAFF | May 9, 2016 | 3:36 pm |

1 min read time

The Des Moines City Council will vote today on whether to support Hubbell Realty Co.'s application for an estimated $914,410 in Iowa workforce housing tax credits, a competitive process that provides approved projects a refund of state sales, service, and use taxes paid during construction, and a state investment tax credit of up to 10 percent of the investment directly related to the construction of the project.

The Des Moines City Council will vote today on whether to support Hubbell Realty Co.’s application for an estimated $914,410 in Iowa workforce housing tax credits, a competitive process that provides approved projects a refund of state sales, service, and use taxes paid during construction, and a state investment tax credit of up to 10 percent of the investment directly related to the construction of the project.

The tax credits would be used for a $9.8 million apartment project that Hubbell has proposed for property immediately north of the Wellmark YMCA swimming pool site. Hubbell also could qualify for an estimated $995,000 in property tax abatements from the city of Des Moines.

FROM THE RECORD ARCHIVES:

Hubbell apartment project

could help fund YMCA pool

May 6, 2016 – Hubbell Realty Co. is planning an apartment project that will put the YMCA of Greater Des Moines $1 million closer to its goal of funding a multimillion-dollar swimming pool at the Wellmark YMCA in downtown Des Moines. Read more


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