Window for Brownfield/Grayfield Redevelopment Tax Credit Application is Closing - Apply by September 1
Aug 09, 2019
Applications are being accepted now for the Iowa Economic Development Authority’s Brownfield/Grayfield redevelopment tax credit. Brownfield sites are abandoned, idled or underutilized industrial or commercial properties where real or perceived environmental contamination prevents productive expansion or redevelopment. Grayfield sites are abandoned public buildings, industrial or commercial properties that are vacant, blighted, obsolete or otherwise underutilized.
The applications opened on July 1 and will close on September 1. Economic Alliance staff are a resource for members like you to submit the best application possible. Assistance is especially important this year, as the state has made changes to the application evaluation.
This year, all applications will start from a score of zero. Previously, projects submitted in previous years but not selected received a few additional points off the bat. As always, community impact is paramount on a projects' award – the project should enhance economic health of a community by reducing environmental potential hazards, create new jobs, transform an eyesore and boost tax revenue. Read application guidelines here.
Previous projects that were awarded the tax credit and received application assistance from the Economic Alliance include the Knutson Building, The Depot in New Bohemia, and the redevelopment of the Dows Building.
If you’re interested in applying, don’t wait! Reach out to Local Business Project Specialist Mike Lukan at firstname.lastname@example.org to get started.