NOTICE OF PUBLIC HEARING OF THE CITY COUNCIL OF THE CITY OF MOUNT VERNON IN THE STATE OF IOWA, ON THE MATTER OF THE PROPOSAL TO ENTER INTO A DEVELOPMENT AGREEMENT WITH COMMINITY HOUSING INITIATIVES, INC., AND THE HEARING THEREON
PUBLIC NOTICE is hereby given that the Council of the City of Mount Vernon in the State of Iowa, will hold a public hearing on July 15, 2024, at 6:30 P.M. in the Council Chambers, City Hall, 213 First Street NW, Mount Vernon, Iowa, at which meeting the Council proposes to take action on the proposal to enter into a Development Agreement (the “Agreement”) with Community Housing Initiatives, Inc. (the “Developer”).
The Agreement would obligate the Developer to construct certain Minimum Improvements
(as defined in the Agreement) on certain real property located within the Mount Vernon Urban Renewal Area as defined and legally described in the Agreement (the “Development Property”), consisting of the construction of an apartment building containing at least thirty (30) Housing Units (as defined in the Agreement), under the terms and following satisfaction of the conditions set forth in the Agreement.
The Developer has applied for Low-Income Housing Tax Credits (“LIHTC”) from the State of Iowa for the Minimum Improvements and, conditioned on Developer being awarded the LICTC and entering into an agreement with the State related thereto (“State Agreement”), the City is willing to provide a local match incentive for the completion and operation of the Minimum Improvements consistent with the tenns and conditions set forth in this Agreement and the State Agreement. The local match incentive is comprised of a lump sum LMI Housing Grant equal to the lesser of 50% of the actual Minimum Improvement Costs incurred by Developer to construct the Minimum Improvements or $395,000, under the terms and following satisfaction of the conditions set forth in the Agreement.
A copy of the Agreement is on file for public inspection during regular business hours in the office of the City Clerk, City Hall, City of Mount Vernon, Iowa.
At the above meeting the Council shall receive oral or written objections from any resident or property owner of said City, to the proposal to enter into the Agreement with the Developer. After all objections have been received and considered, the Council will at this meeting or at any adjournment thereof, take additional action on the proposal or will abandon the proposal to authorize said Agreement.
This notice is given by order of the City Council of the City of Mount Vernon in the State of Iowa, as provided by Section 364.6, Code of Iowa.
Dated this 1st day of July, 2024.
Marsha Dewell, City Clerk,
City of Mount Vernon in the State of Iowa

Published in the MVL Sun, July 11, 2024