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IEDA Board Approves Sioux City Reinvestment District Application

The Iowa Economic Development Authority Board voted unanimously to give contingent approval to Sioux City’s Reinvestment District program application on August 18. The state board approved $13.5 million in financial assistance toward four proposed projects totaling $134 million. The award provides the city with up to $13.5 million to be repaid through hotel-motel and sales taxes generated by the new and upgraded properties over a 20-year period.

Sioux City requested $13.9 million from the state program. Board members said if the last remaining proposed project, in Mason City, encounters more issues, the board could possibly award the remaining $400,000 to Sioux City next year.

Sioux City’s application features four big-ticket projects:

* A five-story, 150-room Courtyard by Marriott hotel that will adjoin the Sioux City Convention Center downtown. The project also includes renovations at the convention center and construction of a 140-space parking structure.

* An ag expo center in the city’s former stockyards area.

* Redevelopment of the former Warrior Hotel and Davidson Building into a combination hotel and residential/commercial/retail complex.

* Redevelopment of four former industrial buildings in the area of the 100 block of Virginia Street for residential and commercial use by Ho-Chunk Inc. known as Virginia Square.

 

The approval is contingent on construction financing and development agreements for the convention center hotel, Warrior/Davidson and Virginia Square projects, as well as documentation that the Ag Expo & Learning Center has raised $5 million in private fundraising and has construction documents and operational agreements put in place.