Property owner still looking for ways to get flood funding - KWWL - Eastern Iowa Breaking News, Weather, Closings

Property owner still looking for ways to get flood funding

Posted:

by Bryan Goettel

CORALVILLE (KWWL) -- Randy Ward owns 13 properties between Cedar Rapids and Coralville. Ten of those were damaged by the June floods.

"The first two or three months was just total chaos where you just did whatever you had to do, put in the long hours and get things done," Ward says.

During the last four months, Ward has been scrambling for ways to get funding. And because he was able to get bank loans, he was denied help from the Small Business Administration.

"I've made the comment numerous times that if I was a few years older I'm not sure I could have fought the battle," Ward says.  "And it's certainly aged me a lot this summer, but we made our way through it for the most part and we continue to just fight a little bit more each day and we're making some progress each day and I guess that's the main thing."

For one property, the damage was too much. The Le Chateau apartment complex just north of the Coralville strip is in the process of being torn down. Ward has plans in place to rebuild there, but it requires the street to be raised about four feet. He's turning to the city for help.

"We've got to have a little support over there in order to afford it," Ward says.  "Tearing down the property was a major loss for us. Even with the insurance money, we lost over a million dollars on the property."

Ward estimates the cost of raising the street at around three or four hundred thousand dollars. He's says he's been talking with the city for three months, anxiously waiting to hear if he'll have the financial help he needs.

"I'll certainly be relieved to get an answer on what might transpire," says Ward.

For now it's a waiting game for Randy Ward. Waiting to see if the city will foot the bill so he can rebuild. If not, he says he doesn't know how long the area could sit as little more than a pile of rubble.

Online Reporter: Bryan Goettel

Powered by Frankly