FINANCIAL_SERVICESRECOMMENDED

IRB incentives proposed for Stone Creek affordable housing project

The Community Development Advisory Board is asked to support Industrial Revenue Bond financing for Stone Creek Residences, LLC to build a 144‑unit affordable multifamily project in Derby. The package includes a 10‑year, 60% property tax abatement and a 100% sales tax abatement on construction materials, with City incentives valued at about $1.9 million and the City serving as a conduit issuer only.

Status
RECOMMENDED
Document date
May 6, 2026
Contract type
FINANCIAL_SERVICES
Vendor
Stone Creek Residences Llc
Agency
City of Derby · IA

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Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo

Scope & details

The full contract record, as filed.

Contract amount
Estimated $26,335,000 capital investment; City incentives valued at approximately $1,902,621 over 10 years
Contract type
FINANCIAL_SERVICES
Contract term
Proposed 10-year, 60% property tax abatement; sales tax abatement on construction materials during construction period
Renewal
Incentive structure anticipates a 10‑year property tax abatement subject to City policy; IRB and PILOT terms will be defined in subsequent bond and incentive agreements.
Document type
Agenda
Source document
Derby Community Development Advisory Board Meeting Agenda May 2026

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Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the financial services contract by City of Derby?

Stone Creek Residences Llc was awarded this financial services contract by City of Derby, as recorded on May 6, 2026. The contract value is Estimated $26,335,000 capital investment; City incentives valued at approximately $1,902,621 over 10 years.

How much is the Stone Creek Residences Llc contract with City of Derby worth?

The Stone Creek Residences Llc contract with City of Derby is valued at Estimated $26,335,000 capital investment; City incentives valued at approximately $1,902,621 over 10 years, covering financial services work.

What type of contract is this?

This is a Financial Services contract, documented as a agenda record.

Where was this contract approved?

This contract appears in Derby Community Development Advisory Board Meeting Agenda May 2026 (Agenda), dated May 6, 2026 from City of Derby. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does Stone Creek Residences Llc hold?

Stone Creek Residences Llc may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

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What is City of Derby currently buying?

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