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Reinvestment District Update 4.3.17

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Presentation on April 3, 2017 to the Sioux City City Council outlining the Sioux City Reinvestment District project. The city is seeking $14 million in future hotel/motel and sales tax revenue from the Iowa Economic Development Authority's Reinvestment District program. The three projects include a new Convention Center hotel, Virginia Square and Ag Expo Center with a total investment of $72 million.

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Reinvestment District Update 4.3.17

  1. 1. Reinvestment District Council Presentation April 3, 2017
  2. 2. Iowa Reinvestment District (IRD) Program Opportunity  Competitive state program  Improve the quality of life  Create and enhance unique opportunities  Substantially benefit the municipality, region, and state  25 acre district  Allows state hotel/motel tax & sales tax to be used locally for up to 20 years
  3. 3. Our Projects  New Convention Center Hotel  Virginia Square  Ag Expo & LearningCenter 2 1 3  $72 million total investment  Unique entertainment and cultural center serving tri-state region  Major downtown gateway
  4. 4. Projects Tied Together  All three projects must proceed to receive IRD funding  Once largest project completed, Dept. of Revenue establishes district  State hotel/motel and sales taxes collected up to 20 years  IRD program provides essential funding for all three projects
  5. 5. New Convention Center Hotel Five-story Courtyard by Marriott hotel with 150 rooms and full-service amenities Funding: Courtyard by Marriot Hotel  Private Investment – $21 million  CityAssistance – approx. $6 million (15 year property tax rebate) ConventionCenter Improvements  IRD Funding - $5.1 million * Increased efficiencies for facility marketing and management by Kinseth anticipated to reduce annual subsidy 1
  6. 6. New Convention Center Hotel1
  7. 7. Available Convenient Parking  1,097 stalls in the Heritage and Discovery ramps  Additional 349 public parking stalls within 2 blocks  On-street parking revisions will create 33 additional stalls  Hotel development includes a total of 162 parking stalls
  8. 8. Virginia Square Ho-Chunk redevelopment of blighted industrial buildings into mixed-use retail, commercial and market-rate residential 2 Funding:  Private Investment – $20.1 million  State Grants – $1.9 million  IRD Funding – $1.6 million  CityTax Rebate - $600K
  9. 9. Ag Expo & Learning Center Unique multi-use complex will host equestrian, ag and trade shows; sports and recreational activities 3 Funding:  Private Contributions – $3.2 - 4.0 million  City, County, MRHD – $4.5 million  Other Grants - $1.2 million  IRD Funding – $6.7 million
  10. 10. Frequently Asked Questions  How has information been shared with the public?  Basic plan outlined to Council (March 2015)  Extensive media coverage at various steps – IEDA Board Meetings  Project details shared with each step of process  Can the Howard Johnson hotel be remodeled?  Has been explored numerous times  Prospective developers opinion: cost prohibitive, would not meet recommended standards  Current owners renovation plans limited
  11. 11.  Is there enough parking near Convention Center?  Studies show sufficient parking in area  On-site parking will be provided from a new parking structure and revisions to on-street parking  Where will tradeshow vendors park (Home show, Garden show, etc.)?  Some larger events may move to Ag Expo Center once built  Work with vendors during construction phase  What assistance is the hotel developer receiving?  Tax rebates only – these taxes would not be collected if the hotel was not built Frequently Asked Questions (cont’d)
  12. 12. Transformational Investment  Three dynamic anchor projects create positive economic impact  $72+ million public-private investment  273 permanent jobs  $76 million annual workers’ earnings  $23.4 million annual economic output  Builds on stockyards revitalization and interstate reconstruction  Renews the Convention Center and surrounding commercial and entertainment district  Brings new investment and visitors to Sioux City

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