Brownfield/Grayfield Redevelopment Tax Credits Program

Brownfield/Grayfield Redevelopment Tax Credits Program

Funder: Iowa Economic Development Authority

Geographic Scope: Iowa

Program Purpose:
Offers sites the ability to transform into new or repurposed spaces to revitalize areas, generate revenue, and/or attract new visitors.

Eligible Project Types:

Brownfield Sites

• Abandoned, idled, or underutilized industrial or commercial properties
• Sites where real or perceived environmental contamination prevents productive expansion or redevelopment

Grayfield Sites

• Abandoned public buildings, industrial or commercial properties
• Vacant, blighted, obsolete, or otherwise underutilized sites

Program Goals:

Reduce environmental hazards

Clean up eyesores

Create jobs

Boost tax revenue

Promote economic health of communities

Funding Structure:

Annual Cap: $10 million per fiscal year

Maximum Award: $1 million per project

Tax credits (not direct grants)

Recent Track Record (2016-2020):

26 projects awarded total of $15,069,231

2016: 4 projects, $2,653,000

2017: 7 projects, $3,556,205

2018: 5 projects, $3,360,000

2019: 4 projects, $2,700,000

2020: 6 projects, $2,800,000

Cedar Rapids Area Examples:

Iowa Building Downtown Housing: $750,000

Location: Corner of 4th Avenue and 3rd Street SE

Project: Convert upper floors to downtown housing units

Developer: Steve Emerson

Status: Listed on National Register of Historic Places

Housing units created: Multiple units

Palmer Building Housing Development: $750,000

Location: 411 1st Avenue SE (former Skogman Realty headquarters)

Project: Convert Grayfield site to housing development

Developer: Steve Emerson

Housing units created: Part of 84 total units with Iowa Building project

Total construction value: $21 million

Webb Acres Gala Barn: $75,000

Location: Webb Acres, former Iowa Braille School grounds in Vinton

Project: Community event space for weddings, receptions, parties

Brewpub at Former Iowa Braille School Hospital: $200,000

Location: 1001 G Avenue, Vinton

Building: Historic 1905 hospital building

Project: Redevelopment into Brewpub

Part of larger $20M project (Hobart Historic Restoration)

First phase of entire former Iowa Braille and Sight Saving School campus redevelopment

Contact Information:

Cedar Rapids Metro Economic Alliance assists with applications

Phone: (319) 398-5317

Email: economicalliance@cedarrapids.org

Website: www.iowaeconomicdevelopment.com/brownfield

Application Process

Support Available:

Cedar Rapids Metro Economic Alliance assists businesses and developers with applications

Phone: (319) 398-5317

Email: economicalliance@cedarrapids.org

Application Resources:

More information and project details: www.iowaeconomicdevelopment.com/brownfield

Administered by: Iowa Economic Development Authority

Process:

Applications reviewed by Iowa Economic Development Authority Board

Final approval required from Authority Board

Tax credits awarded upon approval