IEDA Approves Over 25% Total Brownfield/Grayfield State Funding to Four Cedar Rapids Projects
Nov 02, 2016
The Iowa Economic Development Authority (IEDA) board today approved 20 applications submitted for the Brownfield/Grayfield Redevelopment Tax Credit Program. The program provides tax credits based on a percentage of eligible expenditures for redevelopment projects on qualifying properties. The Cedar Rapids Metro Economic Alliance assisted 16 local projects by preparing the applications, securing letters and submitting the applications to IEDA. Four local projects were approved for funding for a total of $2.6 million.
The IEDA received a total of 74 applications submitted with a total ask over $58M, each vying for a portion of the total $10 million in actual funding. The Cedar Rapids project awards announced represent over 25% of the total funding pool of tax credits for the program.
“The IEDA’s Brownfield/Grayfield program provides much needed support and is a true success story for the state of Iowa as an incentive program that helps move forward worthy projects,” said Brian Crowe, Economic Development Strategist. “The IEDA board recognized the potential in each of these four projects in Cedar Rapids and we look forward to seeing each one completed.”
The projects the Economic Alliance assisted that will be receiving funding are as follows:
- 2025 Development LLC, Awarded: $936,000
- The National Project – 1202 3rd Street SE, Cedar Rapids. Remodel and renovation of the former Chrome Horse in the New Bohemia district, creating a new five story multi-use building with shared parking structure. Approximately 70,000-80,000 square feet of commercial, office and retail space along with 20 residential dwelling units. Total project cost is estimated at $16 million and construction scheduled for late summer 2017.
- Depot Development LLC, Awarded: $700,000
- The Depot – 460 12th Avenue SE, Cedar Rapids. Building C in the New Bohemia district is a 42,000 square foot, three story, mixed use building with the ground floor housing a commercial, office, retail mix with two upper floors of 26 market rate residential condominiums. Building C associated cost is $5.1 million with the total estimated build out cost for the development at $16 million. Construction scheduled for late spring 2017.
- The Affordable Housing Network Inc., Awarded $267,000
- Former Monroe Elementary School - 3200 Pioneer SE, Cedar Rapids. The $4.2 MM project will convert the school into 19 apartment units, including 2, 3, and 4 bedroom units. One half of the units will be market rate and the other half will be at 80% or less average median income. Construction scheduled for early 2017.
- Progression LC an arm of Aspect Architecture, Awarded $750,000
- Kingston Quarters - 353 2nd Avenue SW, Cedar Rapids. Currently an unused gravel parking lot the development will become a row of twelve, two-story market-rate town homes. Construction is scheduled to begin in 2016.