Hubbell projects receive redevelopment tax credits

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The Iowa Economic Development Authority board approved $10 million in brownfield redevelopment tax credits, with $1.4 million of the total going to three Hubbell Realty Co. projects in Des Moines. A $15 million redevelopment project at 900 Eighth St. will receive up to $650,000 in tax credits, the $6.5 million redevelopment of the former Lovejoy building at 121 12th St. will receive up to $256,117 in credits, and a $13.5 million senior housing community at a former Boesen the Florist greenhouse and garden center in Beaverdale will receive a maximum of $500,000. The program provides up to 24 percent of qualified costs for redevelopment of sites where real or perceived environmental contamination exists, 12 percent of qualifying costs for sites that are vacant, abandoned or obsolete and 15 percent if the project meets green building standards.