Brownfield/Grayfield Redevelopment Tax Credits Program

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.

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