PEOSTA, Iowa â In an effort to aid in the development of an expansive student housing project, Peosta City Council members on Tuesday set a public hearing to discuss a tax-abatement agreement with the projectâs developer.
The council will hold a public hearing at 6 p.m. Tuesday, Jan. 12, before approving a 10-year tax abatement as part of the cityâs development agreement with College Suites LLC. The first five years of the agreement, the developer will be completely exempt from paying taxes on the property and from year six through eight, 70% of the taxes will be exempt. For the remaining two years, 60% of the taxes will be exempt.