The Newton City Council has amended the development agreement for the Gray Moon Public Market project. Developer Jerry Schwaller plans to open a business incubator in the former Montgomery Ward Building at 118 North 2nd Avenue East. The $4.7 million dollar project will aim to foster growth of small food related businesses and other local entrepreneurs. According to Newton City staff, the higher than anticipated construction costs are the reason for the amended development agreement. A 10-year tax rebate is being replaced with a $750,000 Forgivable Loan. Newton Mayor Evelyn George notes no general fund taxes will be used on this project, only future Tax Increment Financing (TIF) funds generated by the project itself. She believes it’s a good investment.

“To me it’s a cross between a farmer’s market and food court. The investment is less for the business entrepreneur. The developer will have working kitchens in the building, which is a huge part of starting any kind of food business.”

The mayor adds one thing she hears most often from residents is they would like to have more options for dining out. The city’s investment in the Gray Moon Project is just under 20% of the