The developer of a West Des Moines-based sports complex is seeking state financial aid under a program that was intended to help Des Moines capture a convention hotel downtown.
Landmark Development Services, a Grimes-based firm, will go before the West Des Moines City Council Monday to request that the council approve the developer’s application for the creation of a reinvestment district in the city, according to the city council’s agenda. That application has to be sent to the Iowa Economic Development Authority, which has final say over whether the district is approved.
If permitted, that district would help fund Landmark’s proposed sports complex project.
That reinvestment district falls under a new program — the Iowa Reinvestment Act — approved last legislative session. The program allows for the creation of reinvestment districts, where new state sales tax and hotel/motel tax revenues created in the district can be used to finance that project.
When debating the program during the last legislative session, state lawmakers referenced the planned convention hotel near the Iowa Events Center as one project the program would benefit, according to news reports from that time. Mortenson Development, a Minneapolis-based firm, was recently tapped for the proposed 450-room convention hotel.
Under the program, a project must cost at least $10 million and have a “unique nature” as defined by the authority. The land on which the projects are on cannot be larger than 25 acres. The program has a lifetime cap of $100 million and the authority contemplates how much each project receives on a case-by-case basis, an authority spokeswoman said.
A prefiling period will take place between March 15 and 27 of next year. If the authority approves the pre-application, West Des Moines could proceed with the final application for the district.
Bill Spencer, the Landmark developer, could not be reached for comment.
West Des Moines City Council staff recommended the city council members approved Landmark’s application, according to the city council’s agenda.
Reported by: DesMoinesRegister.com