Infrastructure for Businesses of All Sizes
Helping grow stronger communities and vibrant downtown areas. The Community Catalyst Building Remediation Program assists comm1mities with the redevelopment, rehabilitation or deconstruction of buildings to stimulate economic growth or reinvestment in the community.
- Maximum grant: $100,000 (Funding based on annual availability).
- 40% of funds will be awarded to cities with populations under 1,500.
- Funds available for the rehabilitation of one commercial building per community or two buildings with same ownership that m·e adjacent.
- Deconstruction is allowed in dire situations or for safety reasons.
- City must be the applicant and provide financial and/or in-kind resources.
Redeveloping abandoned or underutilized industrial spaces, commercial properties or public buildings. Developers in Iowa can receive tax credits for redeveloping properties know as brownfield and grayfield sites. Additional tax credits are available for projects that meet or exceed sustainable design standards as defined by state law.
Brownfield sites are abandoned, idled or underutilized industrial or commercial properties where real or perceived environmental contamination prevents productive expansion or redevelopment. Examples of Brownfield sites include former gas stations, dry cleaners, mid other commercial operations tlrnt may have utilized products or materials potentially hazardous to the environment.
Grayfield sites are public buildings, industrial or commercial properties tlrnt are vacm1t, blighted, obsolete, or otl1erwise underutilized. A grayfield has been developed and has infrastructure in place but the property's current use is outdated or prevents a better or more efficient use of the property. This tax credit progrmn is offered as a way to promote ilie economic health of communities by reducing environmental potential hazards, cleaning up eyesores, creating new jobs and boosting taxrevenue.
Tax Increment Financing
TIF is a method to incite business to locate or expand operations in an area by directing the tax revenues generated within the TIF district for investment in me district. City councils or boards of supervisors may use the property taxes resulting from the increase in taxable valuation caused by the construction or substantial rehabilitation of commercial facilities to provide economic development incentives within the district.