By Sam Parsons

The Ottumwa City Council met last night and approved their city budget for the upcoming fiscal year. The budget projects for city revenues to total about $57.5 million, while expenditures are expected to total $62.6 million. The property tax levy rate that was approved was $21.20 per $1,000 of valuation, a decrease of about $0.02 from last year’s levy rate.

The council also received a presentation on a proposed development agreement with CBC Financial for the Asbury Heights low-to-moderate income housing project. A representative from CBC Financial said that they have previously assisted with LMI housing projects in Fairfield and Fort Dodge, as well as in Phoenix, Arizona. This project would include 30 unit rentals across a total of 6 buildings (each roughly 6,000 sq ft), as well as a rental office building, and according to the presentation, the city has been granted a Low Income Housing Tax Credit (LIHTC) award for the project and they have already completed the site plans, architectural drawings, and environmental and geotechnical work. The project was approved unanimously by the council and construction is expected to begin in mid May.

The next regular meeting with the Ottumwa city council is scheduled for May 2.