The City of Fort Dodge’s plan to amend their Reinvestment District gets the green light from the Iowa Department of Economic Development and Finance Authority. This will essentially allow the City to ‘capture back’ an additional $3.5 million dollars in sales tax and hotel/motel tax revenue from the State to kickoff some some much needed projects down.
Last year, the Iowa Legislature increased the total number of acres allowed in Iowa Reinvestment Districts approved after July 2020 from 75 to 125. IEDA opened a filing window for all existing eligible districts to apply for an expanded district and additional funds (that were not formally awarded). The City of Des Moines and City of Fort Dodge submitted amended district plans.
Under the amended plan, the progress occurring in the area known as Corridor Plaza (shown in blue) will be allowed to begin traveling West along 1st Avenue South (shown in yellow), including locations such as Downtown and the Riverfront. The amendment includes downtown building rehabilitations and new mixed-use housing, public improvements and streetscape enhancements, hotel renovations and a new riverfront restaurant.
On April 22, 2022, the City of Fort Dodge was approved for a maximum benefit amount of $17 million for the Corridor Plaza Reinvestment District. Today, the amended Corridor Plaza Reinvestment District plan was approved for the additional maximum benefit amount of $3.5 million, increasing the total maximum benefit amount in the district to $20.5 million. The projects within the expanded district represent a $41.3 million investment.
