City of Storm Lake Regular Council Session Meeting Agenda Packet 2026-05-18
City Backs AXIS Capital Workforce Housing Project with Tax Abatement
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Description
The Storm Lake City Council adopted Resolution 66-R-2025-2026 supporting AXIS Capital’s Workforce Housing Tax Credit application for the 48-unit Beacon Point Apartments and committing to a 10-year 100% property tax exemption on the value added, excluding school levies, as required by Iowa Code.
Contract Details
Vendor
AXIS CAPITAL
Agency
City of Storm Lake, IA
Contract Type
FINANCIAL_SERVICES
Document Date
May 18, 2026
Contract Term
Planned 10-year 100% exemption on value added (not including school levies)
Renewal Date
2036-06-30
Renewal Info
Property tax exemption structured as a 10-year incentive for qualifying improvements under Iowa Code Section 404.3D; renewal beyond that period is not contemplated in the resolution.
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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
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