The Carroll City Council finalized the sale of a dilapidated, city-owned apartment building to a group of private investors at their meeting earlier this week. The structure is located at 408 W. 7th St., and ownership was transferred to the city earlier this year following lengthy court proceedings. At the council’s Sept. 11 meeting, officials announced their intent to approve a $31,000 bid from Dan Drake, Jason Reising, Mike Andersen, and Jason Brinks to purchase the aging structure. City Attorney Dave Bruner explains that the Iowa Code requires cities to host public hearings before the sale of city property, held at the council’s meeting Monday.
In their bid, this group indicated their plan is a 100-percent interior demolition with new electrical, plumbing, and HVAC, an exterior porch and rear outbuilding removal, and new roof, siding, windows, and doors. The estimated budget for their project is $550,000 and would add four apartments with $1,000 to $1,200 per month rent. Housing remains one of the primary challenges for the City of Carroll, and Mayor Mark Beardmore says the sale of city-owned properties may become more common based on the success of this initial attempt.
The buyers previously indicated their intent to form an LLC before the sale, so there is the potential for a slight delay while that is completed. Construction is expected to begin as soon as the deed is transferred, with the units ready for renters by January 2025. The council received no comments opposed to the deal from the public during the hearing and voted 5-0 to approve the sale.
