ACT campus redevelopment, Iowa River Power restaurant receive $2 million in state tax credits

Two Johnson County redevelopment projects have received a combined $2 million through the Iowa Economic Development Authority’s redevelopment tax credits.

JNB Iowa City received tax credits of up to $700,000 for a mixed use development on the east side of Iowa City.

Around 40 acres of land that once was part of the former ACT campus has been identified by developers for commercial development and senior housing along Dodge Street/Highway 1.

The other Johnson County project that received tax credits is the Iowa River Power Restaurant in Coralville, which received $1.3 million.

University of Iowa alum Mark Kaufman, through Old Gold & Black LLC, plans to renovate the building and reopen a new restaurant in the next few years.

The building, at 501 First Ave. in Coralville, was home to the Iowa River Power Restaurant for 46 years until its abrupt closure in November 2023. Kaufman bough the building in 2024.

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The building will undergo historic renovations, and its owner eventually plans to have it listed on the National Register of Historic Places. Some of the planned preservation efforts include restoring the original glass open front of the building and replacing windows.

Both projects are considered grayfield sites, which are defined as having either long term vacancy, or requiring significant infrastructure improvements for proper use. The state program, which gives out $15 million per fiscal year, is meant to beautify neighborhoods and increase the tax base.

Elijah Decious contributed to this report

Comments: megan.woolard@thegazette.com

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