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Tuesday, April 16, 2024
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Northern Liberty Zone offers tax incentives for ‘recreation zone’ projects

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Northern Liberty City – The Solomon’s Landing development, a $20 million project to create an “entertainment district” north of Penn Street in Northern Liberty City, will receive city tax incentives worth up to $7.5 million.

Northern Liberty City Council approved a development agreement authorizing tax increment payments at a brief special meeting this week. The city agreed to make eight payments of up to $7.5 million a year to repay some of the tax.

The agreement approved Monday is between the city and Pratt Real Estate Management. Liberty North developer Brandon Pratt is behind the project and has previously approached the city for financial assistance.

“In order to make the Solomons Landing entertainment district a reality, we need the city’s help and participation,” Pratt said In January, when he reported to the council.

council Site plans for Lot 1 and Lot 2 of the project were approved in April. Under the agreement, detailed site plans for Lot 3 will be submitted by December 31.

Pratt has previously said the proposal would generate annual spending of $300,000 to $40 million for Northern Liberty City. According to the agreement, the project is expected to be completed by December 31, 2025.

The proposed development includes a 34,358-square-foot indoor recreation building, and a 33,528-square-foot bowling entertainment center with an adjacent Pizza Ranch restaurant.

The recreational building, called The Palestra, will host a variety of indoor sports and community events. Recreational facilities include bowling, axe throw, playground, billiards and a bar.

The Recreation Facility and Pizza Ranch will feature TVs that will broadcast live entertainment center games, so families can enjoy a meal and drink while still watching the team play.

City Executive Ryan Heiar said the city’s incentives are “similar to what we’ve done with some of the other businesses in town.”

Haier said the agreement is one of the less risky incentive deals the city can strike because developers need to meet certain qualifications before receiving rebates.

Under the agreement, payments will be made on June 1 of each financial year starting in 2027. Payments will continue until 2034, or until the maximum payment is reached.

Comments: (319) 339-3155; izabela.zaluska@thegazette.com

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