The City of Carroll was recently contacted by the lender for developer, Rowland Real Estate, LLC of Clive, who purchased the former City Apartments site, located at 224 N. Main Street, for $1,000 last December. The developer has paid the agreed upon purchase price, but City Attorney, Dave Bruner, says the contract stipulations were such that the deed would be presented following the completed construction of a four-plex rental structure.
Those stipulations are that the redevelopment must begin within nine months of the contract date and that the four-plex and detached garages will be completed within 18 months. All final designs presented would need approval from City Manager, Mike Pogge-Weaver. Bruner says the lender and the city discussed a solution that would be beneficial to all parties involved.
The bank will then receive the first lien on the property. The Carroll council was asked to approve two resolutions, one is approval of the development agreement and the details already agreed on and the second is approval of a subordination of the property development agreement to the lender. Bruner also says the utilities have been set up at the property and construction is underway with the footings already in place. He also assured council members they will lose none of the safeguards in place for completion of this project. The council unanimously approved both the development agreement and the subordination.
