Financial package proposed for historic rehab in downtown Des Moines
BUSINESS RECORD STAFF Feb 8, 2016 | 9:14 pm
1 min read time
218 wordsAll Latest News, Real Estate and DevelopmentThe Des Moines City Council will consider the preliminary terms of a development agreement with Bronson Partners LLC for the $4 million historic rehabilitation of a former tire shop and publishing operation at 1417 Walnut St.
Partners Tim Rypma, Paul Cownie and Jeremy Cortright plan six apartments, 7,000 square feet of commercial space and indoor parking. Work could begin in April.
The city’s economic development department has proposed tax increment financing that has a present value of $256,289 and a $15,000 grant from federal Community Development Block Grant funds for improvements to the building’s facade.
The project also could qualify for a 100 percent rebate of property taxes for ten years on the residential units.
Other funding sources include $410,000 in federal historic tax credits and $275,000 in state of Iowa Workforce Housing tax credits, which provides a refund of sales taxes paid during construction and an investment tax credit of up to 10 percent on construction costs.
The building is located in the city’s Auto Row area on the west end of Walnut Street. According to a staff report, the building was built in two phases, the west half in 1924 and 1925 and the east half in 1928, when a light well and central staircase was added. The apartments will be arranged around the light well.
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