City Submits Reinvestment District Application

City staff submitted an application to the Iowa Reinvestment District Program last week requesting funding for the Sioux City Reinvestment District. The Reinvestment program, administered by the Iowa Economic Development Authority (IEDA), allows communities to establish zones of up to 25 acres where future hotel/motel and sales tax revenue can be used to assist with new development in that area. The Sioux City Reinvestment District encompasses a 1.5 mile highly visible corridor between the Yards I-29 Business Park and Historic 4^th Street in downtown.

The city’s Reinvestment District application includes three, unique projects with a total investment package of nearly $68 million that will transform the area offering new upscale housing, retail, and cultural opportunities.

1. A new 150-room convention hotel and parking structure to be built on the east side of the Sioux City Convention Center with a $28 million investment.
2. Readapting three, multi-story warehouse buildings to office and commercial uses on the lower floors and loft apartments and condominiums on the upper levels. The $16 million private redevelopment project of Ho-Chunk, Inc. known as the “V Loft District” is located along Virginia Street, soon to be a new primary entrance into downtown following the reconstruction of I-29.
3. Development of a new $15 million Ag Expo & Learning Center to house agricultural expositions and equestrian events and an $8 million, 60-room hotel built adjacent to the facility. Located on the former site of the John Morrell meatpacking plant, the proposed development would also include multipurpose rooms to serve as veterinarian science learning laboratories.

The IEDA Board will select qualifying communities from the pre-application process this spring, with final plans due to the state in March 2016.