A renovation proposal for the Financial Center in downtown Des Moines puts forth a $59.3 million plan that would convert 13 of the 25 floors into a hotel, as well as add other amenities like a restaurant, coffee shop, and market.
The City of Des Moines has approved a preliminary TIF plan for this project to the tune of $7.5 million, or 12.7% of the total cost of the project. This building sold as recently as 2014 for $8.87 million. The $7.5 million TIF amount is a substantial amount of money to be rebated back to the developer that could otherwise be available for use on other public projects or to reduce property tax burdens for Des Moines residents and businesses.
Determining if this is the best use of tax dollars is up to residents of the City of Des Moines. Unfortunately, it’s unclear that Des Moines residents were truly able to weigh in on this proposal.
Des Moines City Council members teleconferenced into this meeting, making the meeting essentially entirely virtual, with the exception of a few essential staff who were present in the council chambers. Information for the public to participate in this call via Zoom was made available on the agenda; however, not everyone has access to the internet or technology that would allow them to teleconference.
While the residents of Des Moines may fully support the Des Moines City Council’s actions to pass a preliminary plan that costs millions and pays for 12.7% of proposed renovations to the Financial Center, this decision could have been put on hold until the public had a better opportunity to participate in the process.
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