CEDAR RAPIDS, Iowa (KCRG) – A developer is looking for taxpayer incentives for a $16-million renovation of a downtown Cedar Rapids office building.
Steve Emerson’s company, 2nd and 2nd LC, is seeking state historic tax credits to renovate the former Principal Building at the corner of 2nd Ave and 2nd St. SE. Citing a decrease in demand for office space downtown, his plan would turn the building into 26 rental apartments with storefront space on the ground floor.
The project is projected to boost tax revenue of $2.4 million. Emerson is asking the City of Cedar Rapids for a 10-year tax break on the project, valued at $1 million. That would support his application for state tax credits…