116 3rd St SE
Cedar Rapids, Iowa 52401
Iowa Economic Development Agency awards $5.17 million to three Corridors groups for historic buildings
State gives total of $19 million in tax credits
Three organizations in the Corridor, including Brucemore in Cedar Rapids, received funds from the Iowa Economic Development Authority through the Historic Preservation Tax Credit program for a total of $5.17 million.
The three area recipients of 2023 tax credits were:
- Palmer Building LLC — $3.19 million to convert a Burlington, Cedar Rapids and Northern railroad building in Cedar Rapids for market-rate residential use
- Catalyst Development Newton — $1.39 million to develop the Highlander Supper Club and Convention Center in Iowa City into an hotel or other lodging
- Brucemore Inc. — $1,389,034 for its museum and library. This part of a multi-year effort to restore the estate’s buildings — including the 1886 mansion — and landscape, which were damaged during the 2020 derecho.
In total, the IEDA awarded $19 million to help restore 13 historic buildings across the state, the agency said in a news release Wednesday.
“These projects breathe new life into historic treasures and help make Iowa’s communities attractive places for people to visit, live and work,” said Debi Durham, executive director of IEDA and the Iowa Finance Authority.
The agency received 23 applications requesting almost $35 million in tax credits — “far above the $19 million available,” according to the release.
Awards are based on “readiness, financing and local support and participation,” the agency said.
The Historic Preservation Tax Credit program provides a state income tax credit to projects that rehabilitate historic buildings while maintaining the character-defining features that enhance neighborhoods and communities.
Work completed on buildings must meet the federal Secretary of Interior standards, IEDA said.
Large project applications for the next round will be due January 9.
More than $20 million available, according to the release.
Volunteers work to clear tree debris from an area in front of the Brucemore mansion in Cedar Rapids on Thursday, Aug. 13, 2020. (The Gazette)
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