TechWorks secures $12 million in state financing

Posted by on Mar 10, 2015 in News | Comments Off on TechWorks secures $12 million in state financing

TechWorks secures $12 million in state financing

WATERLOO, IA: The Iowa Economic Development Board has approved the maximum amount of $12 million for the TechWorks Campus Reinvestment District plan submitted by the city of Waterloo. 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 funds are generated via new state hotel/motel and sales tax revenues to be re-invested within urban renewal areas.  The Board’s action is the linchpin in advancing this high-tech ag-based product development and manufacturing complex that was first publicly proposed by community leaders in April 2003. The TechWorks district, occupying land donated by Deere & Company, would have a capital investment of $74.1 million and include three project. The first is a mixed-use development with business-class hotel, industrial incubator, lab and maker-space, and the John Deere Tractor & Engine Museum. The second project area includes commercial out-lots such as a restaurants and retailers that complement other project areas. The third project area includes a marina and a riverfront restaurant.  Read the full article from WCFCourier.com. Additional information on the project and on the funding criteria can be found at Cedar Valley Alliance.com.