Incentives and Financing
Local Incentives:
Tax Increment Financing
Grundy Center is set up under a TIF district where your business could be eligible for public improvement financing that uses the additional or incremental taxes that the project will generate to help finance the cost of the project. City/County will consider funding public infrastructure improvements necessary for industrial growth or buying land. Loans are available as incentives to assist in industrial growth within the district. The amount of the loan is based upon increased taxable valuation and jobs created by each activity. Loans are project specific, with Development and TIF Agreements required.
Tax Abatement
The city of Grundy Center has tax abatement available if you choose not to utilize the TIF package. The tax abatement schedules are available upon request.
State Incentives
The Iowa Values Fund (IVF) is the state's premier 10-year economic development program designed to transform Iowa's economy by creating high quality jobs through business development and expansion across Iowa. With a $35 million annual appropriation for business development and marketing, the IVF assists Iowa companies to expand, as well as attract new businesses to the state. A variety of business development programs are available through the Iowa Values Fund, please click here for more information.
Financing
Currently businesses locating to the Grundy Center area have access to three different revolving loan funds.
Butler & Grundy County Rural Electric Cooperative
Rick Whalen, Economic Development Manager
521 North Main Street, P.O. Box 98
Allison, Iowa 50602
Phone 1-888-267-2726
rwhalen@butlerrec.coop
This low-interest loan program assists new or expanding private businesses, local governments, and non-profit community development organizations. Eligible uses include land purchases, buildings, fixed assets, m&e, residential housing projects, and working capital. The minimum loan is $5,000.
Black Hawk IRP Program
Black Hawk Economic Development, Inc.
304 South Street, P.O. Box 330
Waterloo, Iowa 50704
Phone 319-235-2960
Email: bhedc@aol.com
Web: www.bhed.org
This low-interest loan programassists business with theacquisition of real estate, purchase of machinery & equipment, building improvements and working capital. The IRP Program services all of Grundy County.
Grundy County 555 RLF Program
Grundy County Development Alliance
705 F Avenue, PO Box 85
Grundy Center, IA 50638
319-825-3606
www.grundycountyia.com
This new revolving loan program was created to assist small and emerging businesses in the county. This program can be used for retail and service businesses, among others. The interest rate will be around 5% and there will be a maximum repayment term of 5 years. The maximum loan amount is $5,000.
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