A $576 million data center project in southwest Cedar Rapids, now in the preliminary stages of planning and development, would become one of the largest economic development projects in the city’s history if it comes to fruition. According to an item on the Cedar Rapids City Council’s consent agenda for Feb. 13, a public hearing […]
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- A 20-year, 70% tax exemption, available through the High Quality Jobs program, subject to meeting employment thresholds and an approved high-quality jobs application. Under the agreement, if the high-quality jobs application is not approved, the city would work in good faith to provide comparable Tax Increment Financing (TIF) rebates in lieu of the tax exemption. The earliest the high-quality jobs application could be reviewed by the Iowa Economic Development Authority board is at its meeting March 22.
- A 20-year, 75% economic development rebate of franchise fees collected by the city through the electrical provider for each data center constructed.
- A Gray Water Discharge Credit, under which the city would provide a monthly credit of $1.30 per hundred cubic feet of gray wastewater discharge, with a per-unit credit that would escalate annually at 2.5%, up to a maximum of 57% per unit sewer discharge rate.