Tim Meinch- Alumni Article

Jan 22, 2018

The following is an article written by a WJI alum who now works for the Des Moines Register. WJI helped him get here and WJI could help you get where you want to go as well.

 

he City of Des Moines will contribute $4.2 million toward a 26-story high rise apartment building planned at the former Younkers site downtown.

Officials struck a preliminary agreement for incentive dollars with the developers, Blackbird Investments, who plan to begin work in November and open the tower to tenants in 2018.

The project includes 276 market-rate apartments, commercial space, a hanging rooftop pool, an elevated skywalk park plus an underground garage that will house electric vehicles available to the public for car sharing.

With a preliminary development agreement, the city is extending roughly $4.2 million through tax increment financing, which means that money will come from increased tax valuation the property generates over the next 20 years.

That incentive represents about 5 percent of the $85 million project cost.

The residential project also qualifies for a 100 percent tax abatement during its first 10 years.

The developers plan to negotiate a contract to lease 276 parking spaces in the city-owned ramp at Eighth and Mulberry streets.

 

https://www.desmoinesregister.com/story/news/2016/09/26/des-moines-commits-4-million-high-rise-younkers-site/91133210/

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