SIOUX CITY -- The president of Stone Bru plans to renovate the former Stultz Plumbing building into a coffee roasting facility, 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.
The Sioux City Council is expected to vote Monday on a development and minimum assessment agreement with 101 West Third, LLC for the $600,000 renovation project.
The documents state that the renovation will include exterior work, asbestos abatement and the demolition of nearly all existing interior finishes to return to the original wood and brick. All electrical, plumbing, HVAC, lighting, roofing and windows will be upgraded to modern standards.
As part of the development agreement, 101 West Third, LLC will commit to investing $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 additional adjacent property to construct a parking lot, complete the redevelopment of the property no later than Dec. 31, 2022, and enter into a minimum assessment agreement of $650,000 for a period of 10 years.
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In turn, the city will provide property tax rebates on the new incremental taxes created by the value added to the property for a period of 10 years -- 100% for four years and 50% for six years -- amounting to an estimated $87,600 in total assistance. The city will also sell the vacated portion of alleys adjacent to the property for $1, and provide $10,000 in EPA Brownfield redevelopment funding to assist with asbestos abatement.
The redevelopment of the property and increased activity in the building will "bring new life to the area," according to the documents. The city will also benefit from increased property taxes from the minimum assessment agreement.