The Iowa Economic Development Authority has granted $2 million in tax credits to two high-profile construction projects in the Iowa City area.

Old Gold & Black, LLC received a $1.3 million tax credit to assist in the company's revamp of the Iowa River Power Restaurant, which closed its doors in 2023 . JNB Iowa City received a $700,000 tax credit for its transformation project on the site of the former ACT campus.

The tax credits were awarded through IEDA's Redevelopment Tax Credit program , which doled out over $19 million in tax credits statewide in late November.

Both projects were part of the "grayfield" category in the program, meaning tax-related assistance given to projects on outdated or vacant property. Grayfield projects are eligible for tax credits up to 24% of "qualifyi

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