City Gives RuffaloCODY Tax Break in Trade for New Office Building
By Rick Smith, Reporter
CEDAR RAPIDS, Iowa - The City Council has granted a tax break to RuffaloCODY in exchange for the company's plan to occupy a new office building next to the Kirkwood Community College campus.
The financial incentive will save RuffaloCODY an estimated $1.034 million in local property taxes over 10 years or about 44 percent of the total of the property-tax revenue that will be generated as a result of the construction of the new office building. The company will pay an estimated $1.316 million in property taxes on the building during the 10-year period of the tax break.
RuffaloCODY currently occupies a 27,000-square-foot building on the Kirkwood College campus and leases additional office space elsewhere in the city. The new building at C Street SW and Kirkwood Parkway SW will be between 60,000 and 65,000 square feet in size, the company has told the city.
The company, which provides fundraising and enrollment management services for schools and not-for-profit organizations, currently employs 300 students in part-time positions and 229 full-time employees in Cedar Rapids. It expects to add 111 full-time employees, it has told the city.
In January, the company's project also obtained $450,000 of direct financial assistance through Iowa's High Quality Jobs Program and $570,000 in tax credits through the Iowa Economic Development Authority.