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Sioux City Reinvestment District

            

AUGUST 2017

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.

 

JUNE 2017

City Council approved development, management and parking rental agreements for the hotel project at the June 5 Council meeting. Construction of the $20 million Courtyard by Marriott hotel and adjacent parking structure is set to begin this fall.

 

SIOUX CITY REINVESTMENT DISTRICT AT A GLANCE

The City is seeking $14 million in future hotel/motel and sales tax revenue from the Iowa Economic Development Authority's Reinvestment District program. The three projects include a new Convention Center hotel, Virginia Square and Ag Expo Center with a total investment of $72 million. Find a presentation made to the City Council, details about the Convention Center hotel project and a map of available public parking serving the Convention Center area in the links below.