Council approves urban renewal areas and development agreements for DC Taylor HQ and Ginkgo Ridge affordable housing

The council approved two separate urban renewal packages and their associated development agreements.

Scott Mather of the city manager’s office summarized the DC Taylor Company package, which includes a recommended urban renewal area and a development agreement supporting a national headquarters: roughly $6,000,000 in capital investment to build an approximately 33,000‑square‑foot facility (about 10,000 square feet of office and 24,000 square feet of off/warehouse space), with a commitment to retain 75 jobs in Cedar Rapids. Construction was described as starting July 1 with completion targeted Sept. 30, 2026. The recommended incentive is a standard 10‑year 50% tax rebate, with an estimated $1.1 million in total taxes over 10 years and roughly $460,000 rebated back under the incentive structure. The council adopted the resolution and ordinance by voice votes.

Mather also presented the Ginkgo Ridge urban renewal area and development agreement for an affordable housing project by Kinko Ridge LLC. The project is a $6,100,000 capital investment to construct 15 for‑sale units comprised of three fourplexes and one threeplex to be sold to buyers at approximately 80% of area median income with a 15‑year affordability covenant. Construction was projected to begin June 2025 and complete in December 2026. The city incentive was described as a net present value of about $350,000 over 15 years. Council member Hager recused from items 5 and 6; the remainder of the council adopted the resolutions and ordinances by voice vote.

Both items followed prior approvals at planning commission and earlier council actions for incentives; staff emphasized the projects’ expected local investment and job preservation (DC Taylor) and provision of affordable homeownership units (Ginkgo Ridge).