Axios Des Moines: EMC Insurance is asking Des Moines to waive property taxes on the downtown site where the company wants to build a park instead of expanding its headquarters, city officials confirmed to Axios. The property, 701 Walnut St., is the site of the former Younkers department store. It is assessed at $1.2 million. EMC purchased it for $1.9 million, and taxes are currently $45,500 a year. The insurer is now asking for those taxes to be waived in exchange for EMC paying for the park's development.