Cedars development breaks ground in Rexburg
Senator Mike Crapo joined city officials as Montana and Idaho Community Development to announced construction of a new Rexburg mixed-use development Tuesday.
Phase Two of Hemming Village, known as “Cedars”, will include 220,000 square feet of commercial and office space and 139 units of mixed married and single student BYU-Idaho housing.
The $32 to $40 million project is being financed by a “New Markets Tax Credit”, designed to stimulate investment and economic growth in low income urban neighborhoods and rural communities. The NMTC is a 39 percent federal tax credit, taken over seven years, on investments made in economically distressed communities.
It has been used on several projects in eastern Idaho including Seasons Medical in Rexburg, Western States Cat in Pocatello, and Golden Valley Natural in Shelley.
Developers said the project will create 125 construction jobs and 75 permanent jobs. Several smaller buildings along West 2nd South will be razed to make room for the new development.
