116 3rd St SE
Cedar Rapids, Iowa 52401
Roosevelt’s new owners won’t get tax abatement
The Roosevelt apartment building in downtown Cedar Rapids won't get the tax abatement its owners requested.
Supervisors declined to approve an abatement Monday for Sherman and Associates of Minneapolis, the firm that purchased the former hotel building after the flood of 2008. The company asked for a property tax abatement even though it bought the building after the flood.
The Roosevelt's property tax bill for the last half of 2008, which was due Sept. 1, 2009, was $84,024. The owners had applied for an abatement of about $28,000 because they were out of the building until October 2008, Treasurer Mike Stevenson said.
The Roosevelt Apartments building Saturday, Jan. 6, 2007, in northeast Cedar Rapids.
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