Downtown Ottumwa building has new owner
Mon, 25 Mar 2013 19:03:29 GMT —
The city of Ottumwa can now officially hand the keys over to the new contractor of the three-story brick building at 117 and 119 Main Street.
Parkview Plaza was the only one to submit a bid.
They have committed to a development agreement that would fix up the buildingâ??s first story as commercial use. As for the second and third stories, what they do with those is contingent upon whether the city receives a grant they applied for that would be for residential conversion of four to six apartments.
The grant would then be transferred to Parkview Plaza.
â??If the grant is not obtained, they still would be required to redesign the second and third stories but they would have a chance as to what they would like to do with it. Let's say if they wanted commercial or commercial residential mix or whatever they would like -- it would have to meet existing zoning codes though. There wouldn't be any allowance for other types of zoning,â?? said Ottumwa City Administrator Joe Helfenberger.
Parkview Plaza received a $50,000 incentive to buy the building from the city as well as another $50,000 that the Legacy Foundation matched.