Development agreement for phase two of Badgerow on Monday's agenda
By Kristen Johnson, Multimedia Journalist/ Weekend Anchor - bio | email
SIOUX CITY, Iowa (KTIV) -
Monday, city leaders will be asked to sign off on a development agreement with Mako One, the California-based developer behind the redevelopment of the Badgerow Building.
The City's Economic Development Director says Mako One has lined up an unnamed data center.
The developer's worked to restore the 80-year old building for five years.
Sioux City initially loaned $800,000 for phase one, which brought the building up to code.
The agreement the city council will look at on Monday deals with phase two of the project to meet current data center standards.
"They'll be taking the value of the building from its current value of $3.5 million to ten million, by singing an assessment agreement effective January 1st 2014, " said Economic Development Director Marty Dougherty.
The city's proposing a $1.2 million forgivable loan upon completion next September in exchange for the new $10-million assessment.
The lawsuit states the commission violated state law in making its decision, and destroyed the economic value of the Belle's license when they selected Sioux City Entertainment.More >>
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