CEDAR RAPIDS — Four construction projects are the latest to win economic-development incentives from the City Council.
The recipients are Acme Electric Co. Inc., Armar Ventures LC, Auxiant and Fleck Sales Co.
Acme is investing $1.4 million in the New Bohemia district, moving a flood-damaged house from 1018 Second St. SE to vacant parcels at 1024 Second St. SE and 208 11th Ave. SE and constructing five row houses on vacant lots at 1008 and 1012 Second St. SE.
The house to be moved and the vacant lots are owned by the city, purchased during the city’s flood-recovery buyout program. The city sought competitive proposals for the properties, and the City Council selected the Acme proposal.
Acme is receiving a urban-renewal tax incentive used regularly by the council, which will grant the company a 44-percent property-tax exemption over 10 years. The city estimates that the project will generate $205,000 in property taxes over 10 years and have an additional $165,000 exempted from payment. Construction is slated to start this spring.
In the Armar Ventures project, the city said developer Jon Dusek will invest $800,000 to build a 9,030-sq. ft, single-story commercial building next to 4850 Armar Dr. SE. Dusek said the National Dance Academy will move into the building.
This project also is receiving a partial property-tax exemption of 44 percent over 10 years. It will pay $120,000 in property taxes during the period and have another $95,000 in taxes exempted, the city estimates.
In the third project, Auxiant is spending $1.825 million to renovate and add a second floor to the former Chamber of Commerce building at 424 First Ave. It, too, will receive a 44-percent property-tax exemption over 10 years, which the city estimates will result in $280,000 in property-tax revenue for the period and another $220,000 in exempted tax.
In the Fleck Sales project, the company is spending $2 million to expand its facility at 11125 High Life Ct. SW to move some of its operation now in West Burlington, Iowa, to Cedar Rapids. The move could add up to 20 jobs the Cedar Rapids facility, the city said. With a partial property-tax exemption, the city estimates that the Fleck expansion will generate $300,000 in new property-tax revenue over 10 years with another $235,000 exempted over 10 years.
The four projects bring to 20 projects that have won City Council economic incentives since 2010, according to city records.
The largest of the 20 is the $90-million Westdale Mall transformation project, which has secured $20-million in property-tax relief over 12 years.The incentives also have supported Physicians’ Clinic of Iowa, The Fountains office/retail development, RuffaloCODY, Intermec, True North, Raining Rose, the Kingston Commons condominium project and Sullivan Bank renovation, Geonetric, Acme Electric, West Side Transport, Great Furniture Mart building, Bowling Street Flex Space, Amtex, Pinnacle Engineering, and the new office building at 600 Third Ave. SE.