Des Moines-area hotel property values fall 30%
âWhen the cash flow goes away, the value goes away,â says one local banker Friday, April 9, 2021 6:00 AM
For over a year, more than half of the Des Moines area’s 13,000 hotel and motel rooms have sat empty, a result of the economic shutdown caused by the pandemic.
The sudden drop of hotel guests caused revenues to plummet and employees to be furloughed or laid off. In March, the Polk County Assessor’s Office released information showing a 30% decline in assessed valuation of the county’s 123 hotel and motel properties, from a total $634.4 million in value in 2020 to $450.7 million in 2021.
Other factors like geographic diversity and readiness for development (10 points).
Any project that the committee scores above 70 will go before the Iowa Economic Development Authority board, which will have final say about how to dole out the $100 million. Presentations could happen as early as April, with the Board making funding decisions in May or June, authority spokesperson Staci Hupp Ballard said in an email.
The state created reinvestment districts to funnel tax revenue into expensive projects that developers might not otherwise build. If the state approves a city s application, a designated part of town a building or a couple of blocks will become a special tax district.
Other factors like geographic diversity and readiness for development (10 points).
Any project that the committee scores above 70 will go before the Iowa Economic Development Authority board, which will have final say about how to dole out the $100 million. Presentations could happen as early as April, with the Board making funding decisions in May or June, authority spokesperson Staci Hupp Ballard said in an email.
The state created reinvestment districts to funnel tax revenue into expensive projects that developers might not otherwise build. If the state approves a city s application, a designated part of town a building or a couple of blocks will become a special tax district.