Single-Family Housing Incentive Program
Proposals Due by 4:30 p.m., December 31, 2026
The following terms and conditions apply to the Build Spencer: Single-Family Housing Incentive Program:
- 7 single family lots located on West 5th Street in Spencer (Fairgrounds Development) will be included as part of the program. The seven (7) lots will be conveyed together to a single qualified developer for a total purchase price of One Dollar ($1.00), subject to the terms and conditions outlined in this program.
- These seven (7) lots will be available for single-family residential construction only, with up to three (3) units permitted per lot, subject to the zoning regulations and requirements determined by the City of Spencer.
- Conforming single-family construction on three (3) of the seven (7) lots must be substantially completed by December 31, 2027, with the remaining four (4) lots substantially completed by December 31, 2028. A $350,000 Minimum Assessment Agreement will be enforced on each lot that is not substantially complete by its applicable deadline and will remain in effect until the single-family dwelling is completed and a new valuation is established. All construction must comply with all applicable requirements and any recorded restrictive covenants.
- This program will provide a $5,000 incentive per lot to the developer once the building project is completed and a Certificate of Occupancy has been issued by the City of Spencer. A $5,000 incentive per lot will also be made available to the new home buyer upon purchase and occupancy of the completed home. The Certificate of Occupancy will not be issued until sidewalks have been installed in conformity with the City of Spencer’s ordinances.
- This incentive program is a “stand-alone” incentive program and may not be combined with or used in conjunction with any other local or state incentive program unless approved by the Spencer Economic Development Committee.
- Proposals will be accepted until 4:30 p.m. on December 31, 2026. This incentive program will expire at 4:30 p.m. on December 4, 2026, and no proposals will be accepted after that time.
- Closing on the seven (7) lots shall occur within 60 days of the execution of the Real Estate Purchase Agreement.
- The lots are available to qualified local and out-of-town developers, builders, contractors, and other interested parties. The seven (7) lots must be purchased together by a single purchaser.
- Real estate offers must be submitted to the Spencer City Office, located at 101 W. 5th Street, Spencer, Iowa, between 8:00 a.m. and 4:30 p.m., Monday through Friday OR may be submitted to info@SpencerEDC.com. All offers will be reviewed in the order received and, if determined to be conforming with the terms and conditions of this incentive program, will be considered for approval by the Spencer Economic Development Committee (SEDC). An offer will not be binding upon SEDC until a Real Estate Purchase Agreement has been prepared, approved by SEDC, and executed by all parties. In the event of any conflict or inconsistency between the terms and conditions of this incentive program and the executed Real Estate Purchase Agreement, the terms of the Real Estate Purchase Agreement shall prevail. A template of the Real Estate Purchase Agreement is available upon request from the Spencer City Office.
Zoning Designation – Zone A – Single Family Residential
Setbacks – Front Yard 25′, Side Yard 6′ (One-Story), Rear Yard 20′
ROW – 3rd Ave W ROW (N-S route) to Remain
Lot Width – Minimum lot width: 50 feet in zoning regulations.