CRST gets Cedar Rapids tax incentive for training center
Company chairman also plans new downtown office building
CRST Inc. secured a property-tax incentive from the city of Cedar Rapids to support the local trucking firmís plan to build a $2.8 million trucker training center on its campus along 16th Avenue SW.
Mayor Ron Corbett, who works on special projects for CRST Inc., did not participate in the City Councilís discussion or vote on the matter on Tuesday to avoid a conflict of interest.
The council voted 8-0 to provide the economic development incentive for the project.
According to the cityís estimate, CRST Inc.ís investment will generate $610,000 in new local property-tax revenue over 10 years. The economic development incentive will require the company to pay 54 percent of the total, or $340,000, over the period of the incentive.
The urban revitalization tax exemption is routinely used by the City Council.
CRST Inc.ís investment in a new 7,200-square-foot building on 14 acres at the southwest corner of 16th Avenue SW and Jacolyn Drive SW is expected to create 35 new jobs, the city said.In recent weeks, John Smith, CRST Incís board chairman, announced plans to build a new downtown office tower for the companyís headquarters. He is competing to purchase a city-owned lot where the cityís First Street Parkade had stood along the Cedar River and across from the Alliant Tower.