Cedar Rapids Bank & Trust’s (CRBT) plan to build a new office building just east of their main downtown facility received official support from the Cedar Rapids City Council Tuesday. At its meeting Tuesday, the council approved a package of standard financial incentives for the new CRBT office building project under the city’s Targeted District […]
Cedar Rapids Bank & Trust’s (CRBT) plan to build a new office building just east of their main downtown facility received official support from the Cedar Rapids City Council Tuesday.
At its meeting Tuesday, the council approved a package of standard financial incentives for the new
CRBT office building project under the city’s Targeted District Reinvestment economic development program, including a 10-year, 50% rebate of increased taxes generated by the project – a rebate that could be increased to 100% if the project becomes LEED (Leadership in Energy and Environmental Design) certified.
Based on the investment and estimated post-development value, the project is expected to generate $3.4 million in total taxes over a 10-year period, of which $1.4 million would be rebated back to CRBT, according to council documents.
CRBT is planning to build a new three-story, 34,000-square-foot office building at 116 Sixth St. NE, on land currently being used for a parking lot. The project, with an estimated $19 million capital investment, would be occupied by 30 existing CRBT employees, with capacity to expand for up to 115 workers.
CRBT would be the building’s sole tenant, according to the city.
The project will require amending the city’s Consolidated Central Urban Renewal Area, and a formal development for the project is expected to be presented to the council in May or June, according to council documents.
