BROWNFIELD ADVISORY COUNCIL REDEVELOPMENT TAX CREDIT PROGRAM FY 2019 Recommendations October 2018 Total: $10 million 1. Lenox Development Corporation applied for the Grayfield 12 percent tax credit. This $715,600 project is for the redevelopment of the 2-bay, 2-story 1880s vintage Bunn Building in Lenox. Work includes historic renovation of the entire building creating four apartments on the second floor and two commercial spaces on the first floor, with all new electrical, HVAC, plumbing, and installation of four solar panels on the roof to provide much of the building s energy needs. Recommendation - Grayfield tax credit of up to 12 percent of qualifying investment of $533,175 for a maximum tax credit of up to $63,981. 2. Hershey Property, LLC applied for the Brownfield 24 percent tax credit. This $6,840,780 project is for complete renovation of the L-shaped five-story 1908 former bank building in Muscatine. The vacant upper floors of the building will be converted into 23 market rate apartments and 3,000 square feet of new retail space will be added bringing all building elements up to code. New mechanicals, electrical, roof systems, and fire sprinklers will be installed. Recommendation - Grayfield tax credit of up to 12 percent of qualifying investment of $3,779,007 for a maximum tax credit of up to $450,000. 3. SS Event Center, LLC applied for the Grayfield 12 percent tax credit. This $4,855,655 project is for complete redevelopment of the former St. Mary s Church and rectory in Dubuque. The interior spaces of the former rectory will be modified so the building can operate as a daycare and the church portion will be an event center. Recommendation - Grayfield tax credit of up to 12 percent of qualifying investment of $2,660,083 for a 4. Prescott, LLC applied for the Grayfield 12 percent tax credit. This $15,877,000 project is for redevelopment of the one-story former Lumber Shed in Dubuque which was built in 1905. A mezzanine will be added to the interior and the former warehouse space will be converted into office space. Recommendation - Grayfield tax credit of up to 12 percent of qualifying investment of $9,905,164 for a 5. Ryan Companies US, Inc. applied for the Brownfield 24 percent tax credit. This $35,800,000 project is for demolition of an old strip mall and construction of a mixed-use development featuring a new public library, retail, commercial space and apartment housing in Marion. Recommendation - Grayfield tax credit of up to 12 percent of qualifying investment of $24,350,000 for a
6. Y & J Properties, LLC applied for the Grayfield 12 percent tax credit. This $7,734,000 project is for redevelopment of two contiguous buildings in Burlington. Plans call for commercial spaces on the first floor and 39 high end lofts on floors two through four. While retaining historic elements, the project will include all new HVAC, plumbing, electrical and fixtures as well as a new roof. Recommendation - Grayfield tax credit of up to 12 percent of qualifying investment of $5,234,400 for a maximum tax credit of up to $500,000 contingent upon submission of financing commitment letter(s) within six months of Board approval date. 7. PamPanm, LLC applied for the Brownfield 24 percent tax credit. This $2,121,730 project is for demolition of a dilapidated building and construction of a new 12,000 square foot one-story commercial building styled to coordinate with the character of the existing downtown buildings in Washington. Recommendation - Grayfield tax credit of up to 12 percent of qualifying investment of $2,057,230 for a maximum tax credit of up to $225,000. 8. Sullivan Opera House, LC applied for the Brownfield 24 percent tax credit. This $1,219,200 project is for redevelopment of two contiguous and historic two-story buildings built in 1877 in McGregor. The project will completely overhaul the building structurally and aesthetically and create three commercial spaces and two apartments on the first floor and five apartments on the second floor. Recommendation - Brownfield tax credit of up to 24 percent of qualifying investment of $581,360 for a maximum tax credit of up to $139,526. 9. Sparrgrove Enterprises, LLC applied for the Brownfield 24 percent tax credit. This $726,500 project is for redevelopment of a two-story historic building constructed in 1871 in Independence. The exterior will be refurbished and the second floor will be updated to include seven apartments. Recommendation - Grayfield tax credit of up to 12 percent of qualifying investment of $726,500 for a maximum tax credit of up to $87,180. 10. HOA Hotels, LLC applied for the Brownfield 24 percent tax credit. This $50,800,000 project is for the redevelopment of two contiguous buildings in Cedar Rapids. The first floor of the 1895 Guaranty Bank building will be converted into a restaurant and the upper five floors and the 1915 World Theater building will be converted into 75 hotel rooms, and a nine-story tower will be constructed behind the historic buildings and will house a 126-room hotel. Recommendation - Grayfield tax credit of up to 12 percent of qualifying investment of $33,350,000 for a 11. Wilmac Property Co. applied for the Grayfield 12 percent tax credit. This $37,229,600 project is for redevelopment of a five-story building on the north end of the Millworking Historic District in Dubuque. The top four floors will contain commercial office space and the first floor will be rehabilitated into mixed commercial/retail and is expected to include a small business incubator, community not-for-profit space and other community impact organizations. Recommendation Grayfield tax credit of up to 12 percent of qualifying investment of $22,249,500 for a maximum tax credit of up to $750,000
12. Brooklyn Community Development applied for the Grayfield 12 percent tax credit. This $2,311,099 project is for renovation of the Brooklyn Opera House in Brooklyn. The old opera house will be completely renovated and an adjoining area will be constructed to connect it to the neighboring community center. Recommendation - Grayfield tax credit of up to 12 percent of qualifying investment of $1,673,310 for a 13. Des Moines Heritage Trust applied for the Brownfield 24 percent tax credit. This $3,533,247 project is for the redevelopment of the historic 1909 East Des Moines Union Depot building in Des Moines, which will be renovated to its original appearance, and a new, 4,200 square foot event center will be constructed. Recommendation - Brownfield tax credit of up to 24 percent of qualifying investment of $1,810,613 for a maximum tax credit of up to $350,000. 14. Amana Society applied for the Brownfield 24 percent tax credit. This $15,753,927 project is for redevelopment of the Amana Woolen Mill compound in Amana. The fourteen-structure property will be converted into a 65 room boutique hotel and the second floor of the weaving building will be converted into an event space. Recommendation - Grayfield tax credit of up to 12 percent of qualifying investment of $8,905,591 for a 15. Archiprop, LC applied for the Brownfield 24 percent tax credit. This $8,811,000 project is for demolition of four derelict commercial buildings in Dyersville and construction of a 60,000 square foot mixed use building that will have parking on the basement level, office space on the first floor, and loft apartments on the upper two stories. Recommendation - Brownfield tax credit of up to 24 percent of qualifying investment of $8,811,000 for a maximum tax credit of up to $786,000. 16. Cedar Valley Real Estate, LLC applied for the Brownfield 24 percent tax credit. This $3,343,949 project is for redevelopment of a historic 1911 building Waterloo. The proposed project is a complete rehabilitation of the building that will update all systems, secure and weatherize the exterior, and create new commercial space on the first floor and 16 apartment units upstairs. Recommendation - Grayfield tax credit of up to 12 percent of qualifying investment of $1,848,510 for a maximum tax credit of up to $220,000. 17. 563 Properties, LLC applied for the Brownfield 24 percent tax credit. This $645,000 project is for redevelopment of an 1890 two-story building in Maquoketa. The building will be restored to include commercial space on the first floor, apartments on the second, with new plumbing, HVAC, and electrical throughout. Recommendation - Brownfield tax credit of up to 24 percent of qualifying investment of $266,577 for a maximum tax credit of up to $63,978.
18. Cedar Venture, LLC applied for the Grayfield 12 percent tax credit. This $23,790,000 project is for the demolition of four old warehouses and construction of a three-story apartment building and 16,000 square feet of retail/commercial space in Cedar Rapids. Recommendation - Grayfield tax credit of up to 12 percent of qualifying investment of $21,468,000 for a 19. East State Street Properties, LLC applied for the Grayfield 12 percent tax credit. This $1,948,573 project is for redevelopment of the old Odd Fellows Building in Jefferson. The entire two-story building will be updated to approximately 6,000 square feet of office space. Recommendation - Grayfield tax credit of up to 12 percent of qualifying investment of $1,458,900 for a maximum tax credit of up to $100,000 contingent upon submission of financing commitment letter(s) within six months of Board approval date. 20. New Kahl, LLC applied for the Grayfield 12 percent tax credit. This $21,000,000 project is for redevelopment of a historic 10-story building in Davenport. The Capitol Theater portion of the building will be rehabilitated with historic finishes preserved and the remainder of the building will be converted from its prior use as offices to apartments. Recommendation - Grayfield tax credit of up to 12 percent of qualifying investment of $10,700,000 for a 21. Torkelson Properties applied for the Grayfield 12 percent tax credit. This $435,000 project is for redevelopment of a 2-story brick facility originally built in 1900 and formerly used as a car dealership in Eagle Grove. Work will include construction of six upper story apartments, commercial space on the first floor, and installation of new HVAC, plumbing and electrical. Recommendation - Grayfield tax credit of up to 12 percent of qualifying investment of $300,000 for a maximum tax credit of up to $36,000. 22. Hobart Historic Restoration, LLC applied for the Brownfield 24 percent tax credit. This $1,903,326 project is for redevelopment of a two-story corner block building built in 1882 in Marion. The project will remodel the ground floor into prime commercial space, while the second floor will consist of nine residential apartment units. Recommendation - Grayfield tax credit of up to 12 percent of qualifying investment of $1,328,326 for a maximum tax credit of up to $160,000. 23. SDF Properties, LLC applied for the Brownfield 24 percent tax credit. This $691,200 project is for redevelopment of the historic 1895 vintage, 2-story Ramsey Building in Keota. The first floor will be office space and the second floor will be remodeled into two apartments. Recommendation - Brownfield tax credit of up to 24 percent of qualifying investment of $284,751 for a maximum tax credit of up to $68,335.
24. Des Moines Arts, Inc. applied for the Grayfield 12 percent tax credit. This $12,748,293 project is for the final phase of redevelopment of the former CenturyLink building into a unique art studio building in Des Moines. The top two floors of the five-story building will be renovated to include 100 additional studio spaces to match much of what has been accomplished on the first three floors. Recommendation - Grayfield tax credit of up to 12 percent of qualifying investment of $4,893,047 for a 25. 413 Pierce Street, LLC applied for the Brownfield 24 percent tax credit. This $5,561,500 project is for redevelopment of a historic three-story, 40,000 square foot brick building in Sioux City. The project will consist of the total rehabilitation of the building and conversion into mixed-use commercial and apartments on the first floor. Floors two and three and a fourth story addition on the rear half of the building will be apartments. Recommendation - Brownfield tax credit of up to 24 percent of qualifying investment of $3,372,500 for a