Stone Bru Headquarters, Coffee Roasting Facility Planned for Former Stultz Plumbing Building | Government and Politics

SIOUX CITY – The president of Stone Bru plans to renovate the old Stultz Plumbing building into a coffee roasting facility, a digital media studio and his company’s headquarters.

Brad Lepper purchased the building at 101 West Third St. in December 2020 and is also interested in acquiring additional property in the area for parking, according to city documents.

Sioux city council is expected to vote Monday on a development and minimum appraisal agreement with 101 West Third, LLC for the $ 600,000 renovation project.

Documents say the renovation will include exterior work, asbestos removal and the demolition of almost all existing interior finishes to revert to the original wood and brick. All electricity, plumbing, HVAC, lighting, roofing and windows will be brought up to modern standards.

As part of the development agreement, 101 West Third, LLC will commit to invest $ 600,000 to renovate the building, purchase the vacated right-of-way for $ 1 to be used in conjunction with the redevelopment of the property, acquire an adjacent property to build a parking lot, complete the redevelopment of the property no later than December 31, 2022 and enter into a minimum appraisal agreement of $ 650,000 for a period of 10 years.

In turn, the city will offer property tax refunds on the additional new taxes created by the added value to the property for a period of 10 years – 100% for four years and 50% for six years – amounting to to about $ 87,600 in total assistance. The city will also sell the vacated portion of driveways adjacent to the property for $ 1 and provide $ 10,000 in brownfield redevelopment funding from the EPA to help with asbestos abatement.

The redevelopment of the property and increased activity in the building “will bring new life to the neighborhood,” according to the documents. The City will also benefit from an increase in property taxes resulting from the minimum assessment agreement.


Source link

Comments are closed.