IOWA ECONOMIC DEVELOPMENT AUTHORITY issued the following announcement on September 25.
New Funds Available to Support Demolition, Rehabilitation of Vacant State Buildings
September 25, 2019 (Des Moines) - The Iowa Economic Development Authority (IEDA) announced today two new competitive funds to support the mitigation of dilapidated, state-owned properties that can be redeveloped for economic development purposes. Specifically, funding of up to $6 million has been allocated to the following two funds for current fiscal year (FY) 2020 through FY 2022:
- Vacant State Building Demolition Fund – Provides up to $1 million in grants per fiscal year for a total of $3 million; and the
- Vacant State Building Rehabilitation Fund – Provides up to $1 million in loans per fiscal year for a total of $3 million. Loans may be forgivable if there is demonstration of accountability, timely results and the majority of project funding comes from other sources.
Program parameters for both funds include:
- Applicant is a city/county (funding contract is between IEDA and the city/county)
- Must have a state-owned, vacant/no longer used for a state purpose building in the community or county
- County/city can apply for both a grant and loan for the same project
- Grant and loan applications are separate
- For a large campus, applicant can request funds for one part of a larger project only if applicant assumes ownership of the entire campus
- Must meet project timeline milestones to avoid contract termination and immediate repayment of funds
For additional program parameters and information, contact Leslie Leager at leslie.leager@iowaeda.com.
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Original source can be found here.