Ten cities, including Des Moines, Johnston and West Des Moines, are seeking to keep $134 million in the sales and hotel/motel tax revenues they hope will be generated in reinvestment districts that they are proposing to create under a program through the Iowa Economic Development Authority.
Des Moines officials are asking that nearly $36.5 million in future tax revenues remain in a convention hotel and entertainment district that runs from Fifth Avenue and Center Street, near the Iowa Events Center, south to Fourth Street and Court Avenue, where Knapp Properties Inc. and Hy-Vee Inc. have proposed a 24-hour grocery store, apartments and a parking garage. The district also includes the Hotel Randolph redevelopment by Sherman Associates Inc.
West Des Moines wants to use $11.4 million in tax revenues generated by the $38 million We Compete SportsPlex at Pavilion Park near 105th Street and Interstate 80. The proposal includes two 100-room hotels, retail shops and an indoor sports facility on about 25 acres of the planned 264-acre Pavilion Park development.
Johnston is seeking nearly $5.3 million in tax revenues for an estimated $23.8 million in development as part of its Merle Hay Road Gateway redevelopment plan, which follows Merle Hay Road south from Northwest 55th Avenue to Interstate 35/80.
The funding mechanism for all of the projects was made possible by a 2013 law that allowed for the creation of redevelopment districts in existing enterprise zones or urban renewal areas. Up to $100 million of the tax revenues generated in the districts would go to special accounts to help finance projects in the areas. That tax break for the districts would expire after 20 years.
Requests for funding were due this month. The Iowa Economic Development Authority board is expected to select qualifying projects by June 30.
Ames Dinosaur Field Station
Total cost: $48.4 million
Tax revenue requested: Tax revenue requested: $14.7 million
Spencer Creek Indoor Sports Complex
Total cost: $24 million
Tax revenue requested: $8.4 million
River 80 Reinvestment District
Total cost: $71.5 million
Tax revenue requested: $17.5 million
Grinnell 2014 Iowa Reinvestment Act District
Total cost: $35.47 million
Tax revenue requested: $11.79 million
Mason City Downtown Reinvestment District
Total cost: $30 million
Tax revenue requested: $6.2 million
Muscatine Reinvestment District
Total cost: $41 million
Tax revenue requested: $10 million
Total cost: $74.1 million
Tax revenue requested: $12 million