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Brownfield/Grayfield Redevelopment Tax Credits Program

CEDAR RAPIDS METRO

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Funding Amount

Up to $1,000,000 per project

Deadline

Rolling / Open

Grant Type

foundation

Overview

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

    • How to Apply

    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

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    Focus Areas & Funding Uses

    Fields of Work

    community-developmenthousing

    Categories

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