More bills dealing with new casino projects are floating around the Iowa Capitol, but the bill’s author said they should not impact the recently approved casino project in Cedar Rapids.
Republican lawmakers in both chambers of the Iowa Legislature on Wednesday introduced legislation that would prohibit a city’s urban renewal plan from including gaming projects that were awarded a state license this year.
Earlier this month, state regulators awarded a license to Cedar Crossing Casino & Entertainment Center, a $275 million project planned for northwest Cedar Rapids.
The planned location for that project is in an urban renewal district, city officials confirmed Wednesday afternoon.
Iowa law allows local governments to establish urban renewal areas to redevelop blighted areas, fund private economic development and finance construction of low- and moderate-income housing, according the state’s nonpartisan Legislative Services Agency. The primary funding source for urban renewal areas is tax increment financing.
Cedar Rapids officials said the casino project is in an urban renewal area, and that they are working to understand the new legislative proposal while considering their next move.
While the property is located in an urban renewal area, casino developers have said they are not seeking tax incentives for the project.
Because developers do not plan to seek tax incentives, the newly proposed legislation should not impact the Cedar Rapids project, Iowa Sen. Scott Webster, a Republican from Bettendorf, told The Gazette Thursday afternoon.
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Republican lawmakers in both chambers of the Iowa Legislature on Wednesday introduced legislation that would prohibit a city’s urban renewal plan from including gaming projects that were awarded a state license this year.
Earlier this month, state regulators awarded a license to Cedar Crossing Casino & Entertainment Center, a $275 million project planned for northwest Cedar Rapids.
The planned location for that project is in an urban renewal district, city officials confirmed Wednesday afternoon.
Iowa law allows local governments to establish urban renewal areas to redevelop blighted areas, fund private economic development and finance construction of low- and moderate-income housing, according the state’s nonpartisan Legislative Services Agency. The primary funding source for urban renewal areas is tax increment financing.
Cedar Rapids officials said the casino project is in an urban renewal area, and that they are working to understand the new legislative proposal while considering their next move.
While the property is located in an urban renewal area, casino developers have said they are not seeking tax incentives for the project.
Because developers do not plan to seek tax incentives, the newly proposed legislation should not impact the Cedar Rapids project, Iowa Sen. Scott Webster, a Republican from Bettendorf, told The Gazette Thursday afternoon.
Proposed bills would prohibit cities from including casinos in urban renewal plans
More bills dealing with new casino projects are floating around the Iowa Capitol, but the bill’s author said they should not impact the recently approved casino project in Cedar Rapids.
