Lake City offers $1,000 residential lots - KTTC Rochester, Austin, Mason City News, Weather and Sports

Lake City offers $1,000 residential lots

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For $1,000, you can buy a lot for a single family home in Lake City. For $1,000, you can buy a lot for a single family home in Lake City.

LAKE CITY, Minn. (KTTC) -- The legendary lake monster "Pepie" is looking for some new neighbors. Lake City has become the latest in a string of towns to offer residential building land for dirt cheap, hoping someone will use it to build a home and move in.

"People talk about the north shore all the time. What about the south shore? Look at all these gorgeous bluffs," said Elliot Culp, the executive director of the Lake City Economic Development Authority.

Twenty lots were bought by the city for $25,000 in December, 2014, after the developer went bankrupt. Now, it's time to build.

"So there's 14 town home lots that we have over here, and then six single family. Two over here and then four down that way,” said Culp, pointing to the fields on Lake City's 10th Street North.

For $1,000, you can score yourself a lot for a single family home. For $2,000, you can own the spot for a townhouse duo.

"We wanted to do something a little bit different. We don't want to be the developer. We just want to get this land in the hands of people who know what to do with it,” said Culp.

If you're approved, you've got 18 months to build a house or 24 months to build a town home. The infrastructure has been in and ready to go since 2007.

"We've held onto them for a while now, and it's time to get them developed,” he said. "There's a lot going on downtown, there's a lot of jobs here. We have three manufacturers that employ between 300 and 500 people alone."

And in the backyard of the largest lake on the Mississippi, you just can't beat the view.

Lake City isn't the first to offer something like this. In past years, Harmony, Stewartville, and Claremont have all used building incentives to try and draw new residents.

For more details on the requirements for building on this land, call the EDA's Elliot Culp at 651-345-6808 or Megan Smith at 651-345-6807.

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