The City of Perry recently provided support for a local non-profit organization which looks to revitalize inhabitable buildings with a loan agreement. 

Perry City Administrator Sven Peterson says the Perry City Council entered into a loan agreement with the Nudgers Kerns Managers LLC for a project in the Perry Urban Renewal Area consisting of remodeling and improving a building located at 1312 2nd Street. Peterson explains that the loan guarantee agreement will be in a principal amount not to exceed $350,000. He tells Raccoon Valley Radio that they have been in multiple loan guarantee agreements with Nudgers Kerns Managers LLC since 2014. 

“So they take those buildings that nobody else really has the guts to take on. They acquire those properties, fix them up and get them to a place where they can either rent them out and hold them and cash flow them, or just kind of get them to a point where somebody is willing to take them on and finish out the project. So we renewed the process for the loan guarantee on the Kearns building, which is the building just north of the theater downtown.”

Additionally, the City of Perry was awarded a Community Development Block Grant Upper Housing Story Conversion Award from the Iowa Economic Development Authority (IEDA) in an amount not to exceed $536,467 for the conversion of 1306 2nd Street which is owned by the Nudgers. Peterson hopes that this grant will speed up the process of finishing the three apartments in that property.