Here are 5 things to know about the sale and redevelopment plans for the old middle school at 500 N. Grand.
1. Shawn and Meg Foutch, doing business as Foutch Properties, plan to turn the 1930’s portion of the school into apartments through a minimum investment of $4 million.
2. The Charles City School Board agreed on Monday to sell the historic building to Foutch Properties for $1.
3. Barring unavoidable delays, construction of at least 35 market-rate apartments will be completed no later than June 30, 2023, according to the development agreement.
4. The Charles City Council is considering a 10-year property tax abatement worth an estimated $544,500. Foutch Properties would pay roughly $5,281 annually for 10 years rather than $59,606 a year on the completed project.
5. The school district will retain ownership on the 1970s addition and will share the cost of separating the buildings and utility systems serving them. The district can freely sell or lease all or part of the addition. If the district or a successor doesn’t want to continue to maintain the building, it can be torn down.
Categories: Charles City