CEDAR RAPIDS — Downtown storefronts at 203 and 207 First Ave. SE and 110 and 112 Second St. SE are set to get interior renovations and face-lifts.
The City Council approved a property tax break Tuesday night of 44 percent over 10 years as part of the city’s Core District Reinvestment program to help support the $750,000 renovation project at the addresses.
Developer Cona Properties LLC and KN Properties LLC have told the city the project will create 35 new jobs.
City officials said Graig Cone, owner of Conveyor Engineering and Manufacturing Co., and businessman Kory Nanke are the people behind the companies.
According to Kirsty Sanchez, a planner in the city’s Community Development Department, the developers’ plans call for first-floor restaurants at 203 First Ave. SE and 207 First Ave. SE and a basement bar at the latter address. Meeting and banquet rooms will take up some of the upper floors.
She said she understood that the Second Street SE addresses will continue as Red’s Public House pub, but will have a facade upgrade.
The First Avenue SE properties connect in the rear to the Second Street SE ones, and as a result, all the restaurants in the development will be able to share the same kitchen, Sanchez said.
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The current property value of the four sites is $724,800, and the property owner will continue to pay property taxes on that value.
The tax break over 10 years will apply to the value of the improvements to the property. Over 10 years, the property is expected to generate $111,720 in additional revenue to local taxing agencies based on the improvements with the owner having $87,780 in additional property taxes forgiven over the period, according to city figures.