Republican tax plan could put Sioux City projects in jeopardy
City leaders are worried the new Republican tax plan could jeopardize a number of major renovation projects in Sioux City.
The Republican plan threatens a tax credit program for restoring historic buildings.
During the past few months developers have proposed millions of dollars worth of renovations to buildings like the old Warrior Hotel and Davidson Building, the old Hatch Furniture building, the Commerce Building, and the old Channel 9 KCAU studios.
The city's economic development director says these tax credits are vital in moving forward with these projects.
"The Historic Tax Credit Program has been used extensively in the country and in Sioux City and has resulted in some incredible projects of preservation and of community importance," said Economic Development Director, Marty Dougherty.
The loss of the historic tax credits could cost developers up to a fifth of the financing they'd hoped for.
Dougherty went on to say, "If the tax credits are completely lost I don't think those projects will happen and the buildings will sit empty and deteriorate. I hate to say that but that's quite likely that that'll happen."
In the past those historic tax credits have helped with the redevelopment of the Orpheum Theater, the Castle on the Hill, and some buildings on Historic Fourth Street.