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Czech Village/NewBohemia SMID reports rising private investment, new plaza and expanded matching funds
Summary
Monica Vernon and Jim Pearsall told the finance committee that Czech Village–New Bohemia’s SMID has grown assessment revenue with a 1:1 city match program, delivered Novak Plaza under a 40‑year city lease, and is advancing murals, holiday lighting and small-business supports including a ‘Cone Zone Cash’ gift-card program.
Monica Vernon, speaking for the Czech Village–New Bohemia SMID, briefed the Cedar Rapids Finance Committee on April 15 about capital projects, placemaking and a city match that increased the district’s assessment revenue for improvements.
Vernon said the SMID and the city agreed to a 1:1 matching arrangement on district assessments up to $100,000 per year; property owners in the SMID increased their assessment rate in stages (from $1.25 per $1,000 to $1.75 and then $2.00) to capture the match and expand annual project funding. Vernon and Jim Pearsall, chair of the SMID commission, said the extra revenue will underwrite continued investments such as murals, flower plantings, benches, holiday lighting and streetscape features.
Vernon told the committee that private investment in the SMID was large in calendar 2024 — at least $50 million in residential investment by her accounting — and that city capital work on flood protection and pumping stations complemented private development. She said the SMID expects to realize roughly $300,000–$350,000 annually during the five‑year match period depending on future development and occupancy.
The SMID reported completion of Novak Plaza, a programmable public space developed on two city-owned lots under a long-term (40‑year) lease. Vernon said the plaza features benches, perennials and interpretive panels and was funded by private contributions and SMID dollars; the plaza honors the Novak family and includes a small play element for children.
Other items: the SMID has sold approximately $15,000 in “Cone Zone Cash” gift certificates to date to help drive foot traffic during construction; it completed holiday lighting installations; ordered additional concrete flower boxes and benches; and expects to add two murals on the Fulton Lofts building with private cost‑sharing. Vernon said the SMID is pursuing digital kiosks but has not yet placed an order and is working through due diligence.
Commissioners asked about a vacant parcel previously occupied by Daisy’s Garage. Vernon said the owner was granted a 12‑month zoning window to leave the foundation in place to facilitate a future build; she said she has reached out to adjacent property owners about murals but had no firm redevelopment plan to report. Pearsall added that the city granted the SMID a 40‑year lease for Novak Plaza, which helped secure private investment for the site.
The finance committee received the report; no committee vote or direction was recorded on these items.
