SIOUX CITY, Iowa — A state board has given preliminary approval for $8 million in tax credits for a downtown Sioux City hotel and a series of big-ticket projects.
The Iowa Economic Development Authority Board's approval Friday was less than the $14 million city leaders had requested, the Sioux City Journal reported (http://bit.ly/1IqBATe ).
Mayor Bob Scott says Sioux City officials will simply have to go "back to the drawing board" to modify the plans.
"We're thankful for the $8 million," Scott said. "I don't think we're terribly disappointed knowing the number of applications."
The plans include an upscale hotel with at least 150 rooms adjacent to the city-owned Sioux City Convention Center. The hotel, estimated to cost $20 million, was one of three large-scale projects the city has selected for its redevelopment application. The others are a proposed $10 million to $12 million agriculture and expo center with an adjacent hotel and a planned redevelopment of three former industrial buildings into offices and apartments and lofts.
The provisional $8 million state award is contingent on the city clearing future benchmarks by March 1. That gives Sioux City officials several months to finalize financing and other details, City Economic Development Marty Dougherty said.
"I think the projects aren't designed yet so we're dealing with general concepts right now," Dougherty said. "I think they could be tweaked. I don't think we would downsize."
Dougherty said each project would need private funds in addition to the city's contribution required under the program rules.
Information from: Sioux City Journal, http://www.siouxcityjournal.com