Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Council approves urban renewal amendment and development agreement for Ingredion expansion
Summary
Council approved an amendment to the Central Consolidated Urban Renewal Area and authorized a development agreement offering tax-increment rebatesto Ingredion Inc. for a $48.5 million capital expansion that includes industrial buildings, a starch dryer and new parking.
Cedar Rapids City Council voted March 25 to approve Amendment No. 7 to the Central Consolidated Urban Renewal Area and to authorize a development agreement in support of Ingredion Incorporated’s planned facility expansion.
Scott Mather of the city manager’s office told council the company’s project at 1001 4th Street SW (presented as 10014th Street Southwest in remarks) is a $48,500,000 capital investment to build three industrial buildings, add a new starch dryer, demolish one existing building and construct a permanent 49-space parking lot east of 16th Avenue. Scott said construction would begin in April 2025 and complete by October 2026. Employment associated with the project was described as four new full‑time jobs and eight retained jobs at or above the high-quality-jobs threshold.
Mather reviewed the city’s incentive: a 10‑year, 50 percent rebate of the incremental taxes for the project, estimated to generate $5.1 million in taxes over 10 years with an estimated $750,000 rebated under the standard incentive structure used for such projects. He noted the Economic Development Authority (IDA/IEDA) approved a high quality jobs application on March 21 and that taxing‑agency consultation on March 14 produced no objections.
The public hearing record showed no speakers. Councilmember Scott Olson moved adoption of the resolution authorizing the development agreement; Councilmember Dale Todd seconded. The motion carried on a voice vote.
Council approved both the urban renewal plan amendment and authorization of the related development agreement; staff indicated further documents (TIF ordinance and development agreement) will follow to implement the incentive.
