The Des Moines Register from Des Moines, Iowa • Page 9

The Des Moines Register DM Friday, March 25, 2005 Page 9A Proposed Newton track could keep sales taxes considering building an indoor water park within the next three years an attraction that he expects will stimulate tourism. Jim Amstutz, general manager of Hawkeye Downs, a racetrack and fairgrounds in Cedar Rapids, Matthew Krantz, general manager of Adventureland, the Al-toona amusement park, said, "I don't know if we'd pursue it, but it would be an attractive option to look at." Krantz said his park is purchases. In addition, local governments in Iowa also provide property tax relief to some businesses that expand in areas that are targeted for revitalization. Such incentives are intended to stimulate economic TRACK, from Page 1A from its customers. The state does provide a variety of other tax credits and rebates to businesses, such as returning the sales taxes paid on machinery and equipment development.

Some Iowa sports and entertainment leaders said the Newton track legislation could open the door for similar requests from other attractions that lure visitors to the state. said of the Newton proposal, "Boy, that would be a heck of a deal. It could set a pretty dangerous precedent." Amstutz said his facility is owned by a nonprofit corporation and, therefore, does not collect sales taxes and could not pursue a similar tax-sharing arrangement. Rants and other lawmakers said they expect debate on the bills to begin next week. Tax analyst Mike Lipsman, an official of the Iowa Department of Revenue and Finance, said the Newton proposal is similar to other initiatives around the nation that are called "sales tax TIFs." Such arrangements return to developers the sales tax revenue generated from a project.

Lipsman said it's not unusual for incentives for a large economic project to be expanded. For example, machinery and equipment sales tax rebates, originally offered to lure a $400 million IPSCO steel plant in 1997, are now given to all Iowa businesses and total $124 million annually. Rants said the Newton project is different from other sports and entertainment venues in the state, such as the $217 million Iowa Events Center under construction in Des Moines. Rants said several large arenas and entertainment complexes have already received state funding through the Vision Iowa program. The new Iowa Events Center, along with a package of other projects in Des Moines, including the new Science Center of Iowa, received a grant for $70 million.

The Newton track was turned down for a $20 million Vision Iowa grant. Newton Mayor Chaz Allen said the project is expected to generate $3.3 million in sales taxes annually from the track and from increased sales at hotels, restaurants and other businesses in Newton. About $1.1 million annually would be collected at the track and would be returned to the owners under the proposed law. "It's not money the state currently has," Allen said. "It's not giving up anything And if the state helps the motor sports complex get going, the rest of the sales tax goes to the state coffers." The rebates to the track owners would end once the total amount collected reached $12.5 million.

The track would still be required to collect and forward to the state the local-option sales tax now being collected for schools in Jasper County. Larry Blixt, a lobbyist for U.S. Motorsport, said the sales tax revenue is the last piece in the packaging of financing for the project. Construction is scheduled to begin this spring, with racing scheduled to start in 2006. "Capturing the sales tax enhances the viability of the project," said Blixt.

"We're hoping this project is so successful that we capture the $12.5 million sooner" than the 10-year deadline. He said the track is an important economic development project for Newton, which has struggled with hundreds of layoffs at Maytag the Newton appliance maker. "It greatly enhances Iowa's visibility and will help keep young people in the state," Blixt said. "It's one of the best projects we can do for rural economic development." Developers of the proposed track will negotiate with race sanctioning organizations to determine what kind of cars and trucks will run at the track. The city of Newton has agreed to put up to $12 million into the project.

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