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Council approves urban renewal amendment and development agreement for 150 First St. NE redevelopment
Summary
Council approved Amendment No. 6 to the Central Consolidated Urban Renewal area and a development agreement with 150 First LLC to renovate the former Wells Fargo building at 150 First St. NE; the $11 million renovation plans include LEED certification and tax‑increment reimbursement to offset LEED costs.
The Cedar Rapids City Council on Feb. 11 voted to approve an amendment to the Central Consolidated Urban Renewal area and a development agreement for 150 First LLC, which proposes to renovate the former Wells Fargo building at 150 First Street NE.
Scott Mather of the city manager’s office described the project as an approximately $11,000,000 capital investment to renovate a 42,000‑square‑foot commercial building that will include a rooftop patio and LEED certification. "This is an $11,000,000 capital investment for the renovation of the existing 42,000 square foot commercial building," Mather said. The project is expected to create roughly 15 jobs and retain 12; construction was described as starting in February 2025 with completion by January 2026.
To help achieve LEED certification, the city would reimburse increased taxes generated by the project to cover the additional cost of LEED up to a 10‑year, 100% rebate. Staff said the project’s estimated post‑development value would generate roughly $900,000 in increased taxes eligible for reimbursement under the proposed arrangement.
Council moved and approved the resolution of support (the motion to adopt was moved by Council member Todd and seconded by Council member Van Orny) by voice vote.
Staff said consultation with taxing entities occurred Jan. 27 with no objections and that the amendment and development agreement will proceed to final documentation and a formal development agreement to return to council for execution.
