The Iowa Economic Development Authority (IEDA) today awarded $934,430 in Main Street Iowa Challenge Grants to 10 communities around the state. The grants will benefit local improvement projects, such as historic building rehabilitation and upper story renovations.
"The Main Street Iowa Challenge grants have been instrumental in revitalizing Iowa's historic main streets," said Debi Durham, executive director of IEDA and the Iowa Finance Authority. "Reinvesting in our traditional commercial districts is good business. It's good for our economy and good for our state. These projects will bring new businesses and new residents to our downtown districts."
The grants are administered through IEDA's Iowa Downtown Resource Center and Main Street Iowa programs. The funding will be distributed in the form of matching grants to the selected Main Street programs. The estimated total project cost of these 10 projects is over $2.8 million.
"Each project must provide at least a dollar-for-dollar cash-match," said Michael Wagler, state coordinator for the Main Street Iowa program. "In total, these projects will actually leverage significantly more than the state's investment into bricks and mortar rehabilitation. This investment will have a significant economic impact within each district."
Since the first Challenge Grants were awarded in 2002, about $13.7 million in funds have leveraged more than $67 million in private investment. Over the life of the program, 216 projects in 56 Main Street Iowa commercial districts across the state have received funding.
For more information about the Main Street Iowa Challenge Grant program, contact Michael Wagler at 515.348.6184 or mainstreet@iowaeda.com.
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