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(Cedar Rapids, IA) -- A local developer is receiving millions of dollars for the rehabilitation of a historic Cedar Rapids property.
The Iowa Economic Development Authority is awarding Aspect Investments just over $10.5 million toward the redevelopment of the old People’s Savings Bank building into commercial space and 70 apartments. The 3rd Avenue Southwest structure, built in 1911, was damaged by the 2008 flood.
The award is part of the state’s Historic Preservation Tax Credit program.