City of Storm Lake Regular Council Session Meeting Agenda Packet May 18 2026
City backs AXIS Capital workforce housing tax credit
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Description
Storm Lake adopted Resolution No. 66-R-2025-2026 supporting AXIS Capital’s IEDA Workforce Housing Tax Credit application for the 48-unit Beacon Point Apartments on East 13th Street and committing to a 10-year 100% property tax exemption on value added (excluding school levies). This local incentive is intended to help meet workforce housing demand and leverage state housing tax credits.
Contract Details
Vendor
AXIS CAPITAL
Agency
City of Storm Lake, IA
Contract Type
OTHER
Document Date
May 18, 2026
Contract Term
10 years (property tax exemption on value added)
Renewal Date
2036-12-31
Renewal Info
City will provide a 10-year, 100% exemption on the actual value added by qualifying improvements for a 3+ unit residential housing project under its urban revitalization plan, except for school district levies per Iowa Code 404.3D.
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City of Storm Lake Regular Council Session Meeting Agenda Packet May 18 2026
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City of Storm Lake Regular Council Session Meeting Agenda Packet May 18 2026
City of Storm Lake Regular Council Session Meeting Agenda Packet May 18 2026
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