116 3rd St SE
Cedar Rapids, Iowa 52401
CEDAR RAPIDS - The City Council agreed this week to transfer ownership of the city-owned NewBo City Market site to the market.
The market occupies a renovated metal building that used to be part of the former Quality Foods plant on Third Street SE. The city purchased the empty plant in 2005 with plans to redevelop the site.
In 2011, the city agreed to lease the property to the non-profit NewBo City Market for $1 a year, with a plan to transfer the property if the lease arrangement was successful.
The council agreed this week to transfer ownership of the site without cost to the market, with a 10-year restriction placed on the deed. The restriction requires that the property be used by a non-profit entity for the 10-year period.
'While there is no monetary purchase price for the property, other non-monetary consideration is being exchanged for the property, such as the market's investment and its commitment to run the facility as a non-profit public market,” Caleb Mason, the city's redevelopment analyst, said.
Kristie Wetjen, the market's executive director, said the actual transfer of the property deed would come in the days ahead.
'It's obviously great to own the facility, ”Wetjen said. 'But it doesn't change how we operate or the mission of the market. It frees up some of the paperwork (with the city).”
She said ownership of the property one day might help the market should it decide to seek capital for improvements.
The market currently has 21 small businesses with another, Zaza's Pasta in Iowa City, set to move into a space on Oct. 1. Two other spots are available for businesses in the market, she said.
The market is open on Thursdays and Fridays, 10 a.m. to 8 p.m., Saturdays, 10 to 6, and Sundays, 10 to 4.
According to the ownership transfer agreement with the city, the use of the market property for other than one of the restricted uses during a 10-year period will require payment to the city of $1.3 million. The city said that is the amount of the predevelopment assessed value of the property.
Earlier this year, the market and The Depot, a new office/commercial/residential project under construction behind the market, agreed to a parking-share arrangement.