EDA hopes incentive will sell 19 lots in Sybesma

By Sara QuamA new program to spur development in the Sybesma Addition in southwest Luverne is getting support from local contractors.A recent meeting between interested contractors and the city drew six contractors.There have been 10 lot sales in the Evergreen and Veterans additions in the northern part of Luverne, but Sybesma still has 19 lots available.City Administrator John Call said contractors will probably start using the program in the fall. He reported about the meeting with contractors to the Luverne Economic Development Authority Tuesday."There would probably be more interest now if they were sitting idle, but I think they are so busy on their own," Call said. The incentive will be offered to local contractors to try to get them to build spec homes in Sybesma.Contractors won’t have to pay for the lots and assessments until the homes are sold. That will save contractors about $8,000 each in upfront costs.Then, once the homes are sold, contractors will be reimbursed for interest expenses on construction costs for the spec homes. The maximum amount the LEDA will reimburse for interest is $8,000 per home.The city building inspector will pre-approve house plans, which have to fit into the addition’s covenants. The homes will probably cost $150,000 once on the market.In other business Tuesday, the LEDA:
Learned that LEDA Director Jill Wolf will be out of the office for maternity leave and that John Call will be the contact point for LEDA matters.
Will ask the county and Luverne School District to approve a transfer of two acres for Express Ag to get Job Opportunity Building Zone tax credits. The county and school have to approve of the transfer to get final approval from the state.Express Ag purchased the former Exsito building on West Hatting Street.