New Cedar Rapids commercial building near Westdale Mall gets tax break, too
Building expected to generate $335K in property-tax revenue
The City Council on Tuesday approved a development incentive for the Hunter Companies to add a 12,000-square-foot commercial building to existing ones next to Westdale Mall.
The incentive is in the form of a partial property-tax break over 10 years that will equal about 44 percent of the tax over the 10-year period.
In that time, the new building at 2320 Edgewood Rd. SW is expected to generate $335,000 in property-tax revenue, $188,000 that will be paid and $147,000 that will be exempted, the city estimates.
The council on Tuesday designated the building site as an urban revitalization area so it qualified for the tax incentive.
After the council meeting, council member Scott Olson said the Hunter Companies successfully argued to city officials that it deserved a tax break because the city has given a significant economic development incentive to Frew Development Group and its $90-million project next door to transform Westdale Mall into a retail, residential and office community.