Des Moines development district gets another nod from IEDA board
Friday, June 20, 2014 2:44 PM
The Iowa Economic Development Authority board gave preliminary approval today to a city of Des Moines request for $36.4 million in sales tax and hotel/motel tax rebates for a reinvestment district that includes a $130 million convention center hotel on the north and a Hy-Vee Inc. food store to the south. Officials have said state funding is crucial to the convention center hotel project. A convention center hotel has long been a dream of city and county leaders to complement the Iowa Events Center and bring more tourism dollars to the region. The state dollars are not assured, however. The city must return to the IEDA by March 2015 with a complete financing package in hand. The state's reinvestment district program passed the Iowa Legislature largely with the Des Moines project in mind. The IEDA also gave tentative approval to projects in Muscatine and Waterloo. Applications from West Des Moines and Johnston did not pass the initial scoring process.