116 3rd St SE
Cedar Rapids, Iowa 52401
North Liberty grants tax incentives to ‘entertainment district’ project
Council OK’s deal authorizing eight annual payments totaling $7.5 million
NORTH LIBERTY — The Solomon’s Landing development — a $20 million project that seeks to create an “entertainment district” just north of Penn Street in North Liberty — will receive city tax incentives worth up to $7.5 million.
The North Liberty City Council during a brief special session this week approved a development agreement authorizing tax increment payments. The city agreed to make eight annual payments not to exceed $7.5 million to reimburse a portion of taxes.
The agreement approved Monday is between the city and Pratt Real Estate Management. Developer Brandon Pratt, of North Liberty, is behind the project and had previously asked for financial assistance from the city.
“To make Solomon's Landing entertainment district a reality, we need city assistance and involvement,” Pratt said in January when he presented to the council.
The council approved a site plan for lots 1 and 2 of the project in April. A detailed site plan for lot 3 will be submitted by Dec. 31, according to the agreement.
Pratt previously said the proposal would generate $30 to $40 million of annual spending within North Liberty. The project is estimated to be completed by Dec. 31, 2025, according to the agreement.
The proposed development includes a 34,358-square-foot indoor recreation building, as well as a 33,528-square-foot bowling entertainment center with an adjacent Pizza Ranch restaurant.
The recreation building — called The Palestra — will be used for various indoor sports and community events. The entertainment facility would include bowling, ax throwing, arcade, billiards and a bar.
The entertainment facility and Pizza Ranch will have televisions with live feeds of the games at the recreation center, so families can have meals and drinks but still be able to watch teams competing.
City Administrator Ryan Heiar said the city incentives are a “similar agreement to what we have with a few other businesses in town.”
Heiar said the agreement is one of the lower risk incentive agreements the city can do because certain qualifications need to be met before the developer receives the rebate.
Payments would be made June 1 of each fiscal year, starting with 2027, according to the agreement. Payments go through 2034, or until the maximum payment has been reached.
Comments: (319) 339-3155; izabela.zaluska@thegazette.com
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