Comment on $23.7 million NewBo apartments project lands state tax credits

CEDAR RAPIDS — A Chicago-area developer has been granted $600,000 in state tax credits for a $23.7 million, three-story apartment complex with commercial space in the NewBo district.The Iowa Economic Development Authority board granted grayfield credits to a holding company controlled by Lake Barrington, Ill.-based Landover Corp. to redevelop the entire 300 block of Ninth Avenue SE, the northernmost block of the NewBo district.Grayfield credits can be used to fund the redevelopment of sites with abandoned public buildings, or vacant, blighted or underused industrial or commercial properties, according to the Iowa Economic Development Authority.