In a significant move, the Spencer City Council has given the green light to an agreement with the Iowa Governor’s Office, paving the way for increased state funding aimed at flood relief efforts.
In a recent announcement, KUOO reports that financial relief is now accessible to certain rental and commercial property owners in Spencer who experienced the effects of the flooding that occurred in June.
In a significant decision, the City of Spencer has agreed to reallocate $1.3 million in funding. This money will be directed towards replacing a bridge on West 18th Street. The funds are set to be transferred to the Spencer Economic Development Corporation (SEDC) for the purpose of providing rental and commercial assistance.
In a significant development, the state of Iowa is set to allocate $1.3 million from the American Rescue Plan Act towards the bridge project.
City Manager Kevin Robinson announced that the extra assistance is aimed at several rental properties that were nearly devastated by the flood.
“Seven apartment complexes have been identified to the south of the Merrill Company.” Robinson informed KUOO that the property owners have engaged in discussions with the city and are prepared to sell each property for $50,000.
In a significant development, Robinson announced the acquisition of properties for a total of $350,000. These properties are set to be utilized for a Community Development Block Grant Disaster Relief initiative aimed at transforming them into flood-compliant apartments. Plans reveal that the structure will feature a garage located beneath, equipped with water flow-through capabilities, while living units will be situated above.
Robinson stated that this arrangement offers multiple advantages for the city.
“There is no need to construct a new street, nor is there a requirement to install new sewer, water, or electric systems.” This approach presents a cost-effective solution for restoring living units that have been lost, while also revitalizing a neighborhood that has faced significant damage. “It enhances new construction and boosts the property valuation for the city undergoing redevelopment,” stated Robinson.
According to Robinson, the project is projected to take a duration of two years. The spokesperson announced that the remaining funds, estimated at approximately $1 million, are intended for commercial business relief aimed at reimbursing businesses that suffered losses of inventory and equipment due to the flood.
Robinson announced that the SEDC will develop guidelines and create an application process for the distribution of the funds.
