audiored wrote:dmluvr wrote:Huh.....yeah..it appears that it's residential on 4th st. I hope to freaking god that these people buying here will realize this is a upbeat entertainment district and won't whine when they hear music after 10 on a friday night.
O please, you know some stupid biatch will cause trouble. that is why they should do an overlay zoning district to ensure that amplified outdoor music can be played until 2am and what ever else they need in an entertainment district. So some a$$ wipe can't mess things up later.
dogbo wrote:The bar that is opening on the other end of the railroad depot that currently houses the Hessen Haus finally got some official press in the Des Moines Business Record this week. The story didn't make the online version, but as I recall it was going to be named something like 101 Lounge. They are shooting to open by Oktoberfest weekend which is September 22ndish?
The nice thing about this spot is it helps to fill the gap on 3rd St between the upcoming Court Center establishments and the High Life/El Bait Shop. Also, with the opening of the Ultra Liguid Lounge near Principal Park, a person can soon do a nice lil' bar crawl just staying on 3rd street.
Note: I'm doing my best keeping up on the bar news for you kids for now. Once babydogbo is born later next month, I'll most likely have little opportunity (or desire?) to keep up on the latest bar news so someone else will need to fill the gap.
Sharing in profits shields taxpayers, D.M. says
The city and Polk County could benefit from aiding an expected arcade-eatery.
By JASON CLAYWORTH
REGISTER STAFF WRITER
September 13, 2006
An agreement that could give Des Moines and Polk County a share of the profits from a downtown restaurant and arcade in exchange for almost $1.9 million in subsidies is designed to protect taxpayers, city leaders said Tuesday.
A preliminary agreement approved by the City Council directs tax increment financing money to the developers of a $10.8 million project that will include an inPlay franchise, a Legends American Grill and an arcade with more than 120 games.
In exchange, if the venue exceeds a certain level of success, the city and county will share in the profits, according to the agreement. Details have not been ironed out.
"What we're trying to do is set up a structure so if the developer's return is high, then we share in the success," said Matt Anderson, an economic development coordinator for the city of Des Moines.
Profit-sharing does not increase the city's risks, officials said.
Once the city designates tax increment financing for the project it is then on the hook to provide about $1.9 million for the project.
An Iowa State University expert said the deal is one sign of the demands on elected leaders to spark economic development.
"It's a philosophical question if government should be involved in private business," said Paul Coates, director of ISU's Office of State and Local Government Programs. "In this day and age, rightly or wrongly, it's become a function of government. You see it all over the country."
Profit-sharing among investors is common in the private sector, Coates noted.
However, the practice is new to the city of Des Moines in the past five years as large downtown projects were proposed.
Developers have long told the city that taxpayers should make up the "gap financing" in order to make the projects economically sound.
The city has provided the money but wants to ensure that developers don't take taxpayers for a ride by overinflating the gap.
Other profit-sharing agreements are in place at the former Masonic Temple, 1011 Locust St., which was turned into the Temple for Performing Arts about five years ago, and the Soho Lofts, a three-story building at 400 E. Locust St. that has condominiums and retail space.
So far, the agreements have not generated extra cash for the city.
City Councilman Chris Coleman said the idea isn't to get rich, but to protect taxpayers.
"We accept the fact that developers want to make a profit, but what we can't allow is for a company to inappropriately profit while taking taxpayer money," Coleman said.
Tax increment financing lets cities and counties give financial incentives to businesses in order to trigger development that, in turn, can raise more money for local services through property taxes.
The inPlay project is led by Jake Christensen of Nelson Development, who wants to renovate the former General Growth Properties building at 215 Watson Powell Jr. Way.
An inPlay on the downtown riverfront in Peoria, Ill., is billed as "the ultimate entertainment complex."
There is also a franchise in Omaha.
Officials hope to have the Des Moines location open early next year.
"What the city is doing is at least as old as 1492," said Jeff Riese of the Polk-Des Moines Taxpayers Association, noting that English royalty financed explorer trips in earlier centuries using profit-sharing agreements.
saddlery309 wrote:Inplay sounds neat, but does anyone know how the Inplays are doing in Peoria and Omaha? Are they located in the same type of area? Pictures would be cool if we have any lookers from those cities. My experience with these types of places is that they usually located in high-volume heavy touristy areas like Vegas, or Disney.
Maybe they could use a part of the space for LAN events, are those still as popular as they used to be?
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