Development agreement approved for Legacy Plaza
28 Feb 2023
news, economic development
The redevelopment of Legacy Plaza has taken a huge step forward. Last week the City of Newton, Jasper County, and Christensen Development formed a three-way development agreement that was subsequently approved by the city council and the county board of supervisors on Feb. 20 and 21, respectively.
Newton City Council unanimously approved the private development agreement, which will go toward the $30 million renovation of Maytag Buildings 1, 2, 16, and 50 of the Legacy Plaza campus. The project includes a 58-room, high-end hotel and bar and a 72-unit market-rate apartment building.
According to city documents, the agreement can be made thanks to Jasper County agreeing to assist with the financing of the project through the Iowa Reinvestment District Act, which will provide $14 million in hotel-motel tax rebates over a 20-year period to a number of projects in the district.
Click here to read more.