A KCG Companies representative presented during the public hearing last Tuesday at Jefferson’s City Council Meeting in discussing the proposed zoning regulation change at the 403 West Head St for the building of a multi-family residential unit. Anna Farwell, the representative for KCG, the development company behind this unit, addressed the public saying that she understands the concerns community members have, but wants to emphasize the goal intended by their company.
KCG presented they are looking to construct a multi-family development with 40-50 units, and invest more than $14.5 million into the community with using local construction agencies, and materials to contract for the project. All of the units will be under the Iowa Finance Authority Low Income Housing Tax Credit program. Council Member Chad Sloan questioned the income requirements, wondering how someone who makes $13 an hour can afford the apartments slated for a $40,000 income. Farwell explained while not using a sloping scale, rent incomes will be adjusted to accommodate those making between $12.32-$25 hourly, or $23,000-$58,000 salary per year.
Concerns were raised from community members, like why would people go out to look for higher paying jobs when they get cheaper rent, how someone can afford to pay the rent which is between $531 for a one bedroom, to a 3-bedroom apartment for $1122, and if other land options were considered for the development due to drainage issues and the railroad tracks located just south of the potential lot. Most attendees that asked questions feel as though their questions went unanswered. The City Council went ahead and approved of the 1st reading for the changing of the ordinance, Councilman Sloan was the only no voiced during the vote.
