Marion Submits Reinvestment District Application to State
On Friday, March 13 the City of Marion submitted a pre-application to the Iowa Economic Development Authority requesting $24.06 million in funding from the state toward $118.6 million in public and private investment as part of the Marion Central Corridor Reinvestment District.
The proposal encompasses 24.93 acres of property in Marion's Uptown and along Marion's central business corridor.
The Iowa Reinvestment District Program is designed to assist communities in developing transformative projects that will improve the quality of life, create and enhance unique opportunities and substantially benefit the community, region and state.
The program is designed to let cities use 4 cents of the state's 6 cents in sales tax generated by new businesses in a reinvestment district, and the 5 cents in state hotel/motel tax generated in the district for up to 20 years to help finance the project. The state funds cannot pay more than 35 percent of the project's total cost.
Marion's proposal features six cornerstone projects including: a central plaza, east end hotel and convention center, library expansion/mixed-use redevelopment, two historic building renovations and a parking ramp/mixed-use redevelopment project.
The decision on which communities make it through the pre-application phase is expected in June.