Two CR Metro Projects Receive Brownfield/Grayfield Redevelopment Tax Credits
The Iowa Economic Development Authority Board announced earlier this month almost $1 million of the $5 million Brownfield/Grayfield Redevelopment Tax Credits will be distributed to two projects located in the greater Cedar Rapids area. Elm Cedar Rapids Opportunity/Intermec Technologies and PDS Investments were awarded the funds. Staff from the Cedar Rapids Metro Economic Alliance provided assistance in the application process for both companies.
Elm Cedar Rapids Opportunity/Intermec, a wholly-owned corporation of KP Development of St. Louis, MO., plans to use $500,000 in tax credits to develop and construct an 81,000 square foot, two-story building to be leased to Intermec Technologies. This project is expected to retain 240 jobs. The new facility, located at 601 Third Street SE, will replace their currently dated facility, located next door. The total estimated cost of construction is $15 million.
Phil and Becky High of PDS Investments and owners of Philips Diamonds in Marion have made a long-term commitment to Uptown Marion, motivated by the Uptown Marion Corridor Plan. Their project calls for demolition of current structures located at 1317 7th Avenue, in Marion. The High family is proposing to use the $288,239 in tax credits to build an 18,000 square foot, three-story structure with a leasable finished basement. The ground level will be Philip's Diamonds & Design Center, and second and third floors will be Class A office space available for lease. The lower level will also be available for lease. Estimated cost of construction is $2.4 million.