Newton reinvestment district plan receives final approval
17 Mar 2023
news, economic development
At their meeting on Friday, March 17, the Iowa Economic Development Authority (IEDA) Board provided final approval on a reinvestment district plan for Newton.
The board approved the maximum benefit amount of $14 million for the Newton Legacy Reinvestment District. The board’s decision puts in place the funds to finance the Legacy Plaza Project, which will renovate Maytag Buildings 1, 2, 16, and 50 of the Legacy Plaza campus to create a 58-room boutique hotel, bar, and a 72-unit market-rate apartment building. The project also includes event space, green space, trail connections, and downtown improvements. It is a joint effort by the City of Newton, Jasper County, and Christensen Development of Des Moines and proposes a capital investment of nearly $48 million.
The Iowa Reinvestment District Program is designed to assist communities in developing transformative projects that improve the quality of life, create and enhance unique opportunities, and substantially benefit the community, region, and state. The program provides up to $100 million in new state hotel/motel and sales tax revenues to be “reinvested” within approved districts that cannot exceed 75 acres in size and must be in an Urban Renewal Area.