A Lincoln, Nebraska, developer is seeking support from the Carroll City Council for a proposed $4.9 million 20-duplex senior-living development in eastern Carroll.
Excel Development Group, with a track record of development in Iowa, Nebraska, Kansas and Oklahoma, including a recent project in Orange City, plans to build 10, two-bedroom duplexes, a total of 20 units, on land owned by Roman J. Steffes & Sons Construction located south of the Northridge Fourth Subdivision Phase 3 and east of North Bella Vista Drive.
The units are intended for residents 55 years of age and older.
Excel is targeting 14 of the units for tenants who are at 60 percent of the average area income (AMI) with rent at $600 monthly; two units at 50 percent of AMI for a rent of $550; and four units at 40 percent of AMI for rent of $485.
Utilities are estimated to cost less than $100 a month.
At Monday’s Carroll City Council meeting, Excel will ask for support for an application for low-income housing assistance with the Iowa Finance Authority and for $150,000 through local tax increment financing to extend infrastructure to the project.
Carroll city officials have visited a similar project in Orange City and note that leaders in that northwest Iowa city support plans for a second such development there.
Excel has developed nearly 2,000 housing units.