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Cities seek creation of Reinvestment Districts

by KIX101.1 /1230 KFJB News Department posted May 13 2014 10:11AM

DES MOINES, Iowa (AP) — A $130 million convention hotel proposed for downtown Des Moines is among three projects in the running for funding through a new tax program.

The Iowa Economic Development Authority released scores Monday for 10 applications submitted for Reinvestment Districts.

Officials say the Des Moines project scored high enough to move to the next step, which is a presentation Thursday to the authority's board. Des Moines is seeking $36.5 million from the program.

Officials also supported districts proposed in Waterloo, which is seeking $12 million for a Cedar Valley Techworks campus, and Muscatine, which wants $10 million for a hotel and convention center.

Seven other proposals were rejected.

The program, approved in 2013, allows future hotel/motel sales tax money to go toward district projects.

Filed Under :
Topics : Business_Finance
Location : Des MoinesIowa
05/13/2014 10:06AM
Cities seek creation of Reinvestment Districts
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