DES MOINES, Iowa — Iowa’s economic development board has approved $13.5 million in state financial assistance toward a series of proposed Sioux City projects totaling $134 million.
The Iowa Economic Development Authority Board voted unanimously Friday to approve Sioux City’s Reinvestment District program application, the Sioux City Journal reported .
The money is to be repaid through hotel-motel and sales taxes generated by the new and upgraded properties over a 20-year period.
The application features four big-ticket projects, including a five-story, 150-room Courtyard by Marriott hotel that will adjoin the Sioux City Convention Center downtown, renovations to the convention center and a new parking structure there.
Other projects include an ag expo center in the city’s former stockyards, redevelopment of the former Warrior Hotel and Davidson Building into hotel, residential and commercial retail space and redevelopment of four former industrial buildings into residential and commercial use by Ho-Chunk Inc.
“It’s been over two years working on all these projects, and we’ve had some great additions in the last few months,” said Renae Billings, with the Sioux City Economic Development Department.
Iowa’s Reinvestment District program permits cities to establish zones of up to 25 acres where future hotel-motel and sales tax money can be diverted to big-ticket, unique projects designed to increase tourism and quality of life.
The approval is contingent on construction financing and development agreements for the convention center hotel and Warrior/Davidson projects, as well as documentation that the Ag Expo & Learning Center has raised $5 million in private fundraising and has construction documents and operational agreements in place.
Information from: Sioux City Journal, http://www.siouxcityjournal.com