March 28, 2024

City releases funds for Jewel Tea Court development

Incentive funds totaling almost $40,000 agreed upon for the Jewel Tea Court development have been released by the city. City council approved $15,000 for infrastructure costs and an estimated $24,646 for a sidewalk project to the developer, the First Newton National Development Corporation, and its contractor, BTS Construction.

“It is so exciting to see. People are excited, I see citizens watching as they were building them,” councilwoman Miranda Kulis said.

The Jewel Tea Court development, located on former D&D Program lots in the 300 block of East Fourth Street North, consists of eight townhome units. The city sold the lots to the First Newton National Development Corporation in May 2016 for $8,000.

One of the provisions for incentives of the sale was for the city to provide up to $15,000 “for infrastructure costs involved in utility connections and concrete work.” Following construction, FNNDC and BTS have provided the required documentation that more than twice the $15,000 amount has now been spent on the project infrastructure city administrator Matt Muckler said..

Also in the agreement, the city is responsible for the costs of installing “streetscape and sidewalks in the public right-of-way surrounding the entire site.” The developer has also provided documentation of the cost estimates and initial invoices associated with the sidewalk installation and has requested reimbursement of expenditures. The sidewalk project will, at most, cost $24,646 Muckler said.

“It look really, really nice and it has been fun to drive by and see the progress and the change in the neighborhood,” councilwoman Evelyn George said.

Throughout construction, the development has received a lot of interest from potential buyers, with one unit already sold and several others pending sale.

“It just reaffirms the private, public partnership in order to reinvest in your community, with the private partnership having the most funds involved in this. Another shining example,” mayor Mike Hansen said.

Funds from the incentive portion of the Newton Housing Initiative bond will be used to refund the costs.

Contact Jamee A. Pierson at 641-792-3121 ext. 6534 or jpierson@newtondailynews.com