On November 12, 2013, the Iowa City Community School District Board of Directors approved work on the South Elementary School project. As part of the purchase agreement, the district agreed to fund the Daniel Place Street extension to the tune of $500,000.00 using SILO/SAVE funds. Half of the money is a direct grant to a yet-to-be named landowner who stands to profit greatly from the district’s construction of a school adjacent to his property.
The other $250,000.00 is a zero-interest loan to be repaid ultimately to the district by the current property owner or new property owner upon the sale of adjoining properties on the north side of Daniel Place Street. Nowhere on this document does it mention who the landowner is, nor does it firm up the length of the loan more than saying the loan will "ultimately" be repaid.
I have discussed this money mystery with several board members who have said they don’t know who owns this property or who is benefiting, yet they approved paying half a million dollars to an unnamed, apparently unknown landowner without any question.
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Phil Hemingway