FDCSD grants extension on Foutch option
The Fort Dodge Community School District board granted an extension Tuesday to Foutch Bros LLC of Kansas City, Mo.
Foutch Brothers LLC has an option, approved in June, for two district properties, Phillips Middle School, 1015 Fifth Ave. N., and Fair Oaks Middle School, 416 S. 10th St., for $1.
The option, set to expire Tuesday, has been extended to March 31, 2014.
“The city has given them a tentative time line, and the last date the city would have something done is the middle of March, so that would give Foutch Brothers all the time they need,” Doug Van Zyl, FDCSD superintendent, said. “Even though the city has voiced their approval at council meetings and other committees they’ve been on, they’ve given them a time line. There’s first readings and second readings of different things.”
He added, “I think part of not getting some of those time lines from the city until the last month or so kind of dictating them asking for this extension.”
Foutch Brothers LLC has proposed turning the two properties into market-rate apartments, with 50 apartments in each building. The project would use historical tax credits from the city to preserve the architectural characteristics of the buildings. The deal does not into the Phillips gym and track.
If Foutch does option the buildings, Holy Trinity Parish has proposed to acquire the gym and track for $362,500.
However, if Foutch does not take the option, Holy Trinity has proposed to pay $75,000 for the gym and track and escrow $650,000 to demolish Phillips.
Van Zyl said the extension does not affect the agreement with Holy Trinity Parish.
Board members Stuart Cochrane, Brian Forsythe, Matt Wagner and Bill Kent approved extending the option. Board members Lisa Shimkat, Steve Springer and Kevin Rogers were not present for the vote.