State government has $100 million available for reinvestment districts; $134 million requested
Friday, March 21, 2014 7:00 AM
A waiting game is on for Des Moines, West Des Moines, Johnston and seven other Iowa cities that seek funding for projects such as a dinosaur museum, sports complexes and convention and entertainment districts.
Under a 2013 law, the state will make available up to $100 million for Reinvestment Districts that are located in designated enterprise zones or urban renewal areas. The funds come from sales tax and hotel and motel tax revenues from the districts.
The largest project is from Des Moines, where city officials seek nearly $36.5 million in tax revenues for a $178.5 million convention center hotel and entertainment district near the Iowa Events Center.
The Iowa Economic Development Authority will select the districts by June 30.