Class A office building planned for Urbandale’s Plum Drive
BUSINESS RECORD STAFF Nov 7, 2018 | 11:10 pm
1 min read time
175 wordsAll Latest News, Government Policy and Law, Real Estate and DevelopmentA Clive developer is planning a 13,000-square-foot Class A office building along Urbandale’s Plum Drive. The City Council approved a development agreement for the project Tuesday that includes a five-year, declining-scale property tax rebate, with the potential for another 90 percent rebate of the tax increment finance rate if certain occupancy and employment criteria are met. The office building would be located at 9400 Plum Drive along a strip of property that has been owned for several years by Bill Spencer’s Landmark Cos. Spencer was a driving force several years ago in encouraging the city to complete the paving of Plum between 86th and 100th streets. Under the development agreement, the project would qualify for a 75 percent property tax rebate in the first year, dropping to 15 percent in the fifth and final year. In addition, Landmark could receive another 90 percent rebate of the TIF rate for portions of the building that are occupied by tenants that are not retailers and employ at least one person. Total rebates are estimated at $543,000.