Business Assistance Programs
Waterloo/Cedar Falls, IA MSA
(319)
232-1156
or info@cedarvalleyalliance.com
Industrial and Office Site Acquisition & Permitting Assistance
Property Tax Abatement &
Rebatement
Rail & Road Infrastructure Improvements
Job Training
Local/Federal Low Interest Loans
State of Iowa Programs
New Market Tax Credit
Other Specially Designed Areas for Incentives
For a custom incentive
proposal for new or expanding existing businesses contact: Lisa Skubal or
Linda Laylin at (319) 232-1156 for assistance or email
info@cedarvalleyalliance.com
Industrial and Office Site Acquisition & Permitting Assistance
Program - Municipally-Owned Industrial/Business Parks and Private Developments
Assistance - Reduced land cost, $0-$65,000 per acre.
Use - Industrial/Office related projects.
Qualifications - Varies, based on increased assessed value made to site.
Program - City "One-Stop" Permitting
Assistance - Technical help w/ filing documents to expedite process.
Use - Business expansion and new location.
Qualifications - None.
Program - State Environmental Permitting - Iowa's Regulatory Assistance Program
Assistance - Technical help w/ filing documents including help with document preparation and submission of permit applications with the Iowa Department of Natural Resources and other state regulatory agencies.
Use - Business expansion and new locations.
Qualifications - None.
Property Tax Abatement & Rebatement
Program - City of Cedar Falls Tax Abatement/Rebate
Assistance - 75% abated year 1, 60% abated year 2, 45% abated year 3, 30% abated year 4, and 15% abated year 5.
Use - New construction; property improvement.
Qualifications - Industrial related construction. Minimum $1 million assessed value.
Program - City of Waterloo Tax Rebatement
Assistance - 50% annually for 5 years.
Use - New construction; property improvement.
Qualifications - Industrial related construction
Program – Evansdale Industrial Tax Rebatement
Assistance – Upfront rebate 10% of actual valuation.
Use – New industrial construction.
Qualifications – Determined by actual facility investment. Rebate provided when building permit is issued.
Rail and Road Infrastructure Improvements
Program - RISE Economic Development Program
Assistance - Infrastructure construction costs, up to $100,000 maximum.
Use - Road extensions or improvements.
Qualifications - Filed by city; subject to available state funding.
Program - Rail Revolving Loan and Grant Program
Assistance - Infrastructure construction costs.
Use - Includes railroad mainlines, branch lines, switching yards, sidings, rail connections, intermodal yards and highway grade separation.
Qualifications - Filed by city; subject to available state funding. Applicant must demonstrate project provides benefits to Iowa in terms of economic development and job growth. Can't use for at-grade surface repair or replacement, signals, gates or other crossing protection not associated with new construction or reconstruction.
Job Training
Program - Iowa Industrial New Jobs Training Program
Assistance - Reimbursement of trainees and trainers wages, travel, materials.
Use - Training Iowa workers. Administered locally by community college.
Qualifications - Determined by annual payroll/jobs created over 3-10 years.
Program – New Jobs Tax Credit
Assistance – State income tax credit of $1,422 per job created for 2009 if wages exceed $22,800 annually.
Use – Hiring new Iowa workers.
Qualifications – May be carried forward up to 10 years against the company’s Iowa Corporate Income Tax. To qualify, a company must be involved in the Industrial New Jobs Training Program.
Local/Federal Low Interest Loans
Program - Black Hawk EDC Loan Program
Assistance - Based on available funding, rate varies, term 3-5 years.
Use - Land, building, machinery and equipment.
Qualifications - Project cost, historical & pro forma financials.
Program - SBA 504 Loan Program
Assistance - 40% of total project cost, Second Lien, term 20 years for real estate; 10 years equipment.
Use - Land, building, and certain equipment.
Qualifications - Businesses employing less than 500.
State of Iowa Programs
Program - Grow Iowa Values Financial Assistance Program. All state incentives are combined into one fund identifying individual programs as components.
Assistance - Direct Financial Assistance (loan or forgivable loans), Tax Incentives (income tax credits and sales tax refunds), Infrastructure and Utility Improvements, and Entrepreneurial* and Value-Added Agriculture Component (innovative/process and biofuels).
Use -Tied to direct project costs and as ascribed to each Component.
Qualifications – Industry targets include, but not limited to: biosciences, advanced manufacturing and information solutions/financial services. Minimum wage rate $15.63/hr (100% regional average) effective July 1, 2009-June 30, 2010.
$14.07/hr. (90% regional average) for specifically “Enterprise Zone” areas (select areas in the City of Waterloo)
* Entrepreneurial assistance offered in both technical assistance and direct financial assistance not tied to wage rate requirements.
Standard Benefit Requirement:
80% Medical and Dental (single coverage) $750 deductable OR
50% Medical and Dental (family) $1,500 deductable OR
Monetary equivalent of other benefits (retirement, profit sharing, life, disability, HSA etc.)
New Market Tax Credit
Program - Community Development Entities (CDEs) can make loans and capital investments in businesses in underserved areas.
Assistance – Loan/Forgivable Loan. Most commercial including industrial and office and mixed-use real estate development projects located in designated underserved areas.
Use - Tied directly to project in New Market Tax Credit.
Qualifications - Minimum projects for consideration $3 million. Current area served by New Market Tax Credit is in the City of Waterloo along portions of the downtown area and at MidPort America Business Park at the Waterloo Regional Airport.
Other Specially Designated Areas for Incentives
Program - Consolidated Urban Revitalization Area (CURA)
Assistance - Tax Abatement for Commercial and Residential Properties
Use/Qualifications - City designated area allows tax abatement for property improvements offering an increased assessed valuation of at least 15% for commercial property and 10% for residential properties.
Program - Downtown Economic Revitalization/Enterprise Zone
Assistance - Downtown forgivable loan for corporate, regional, or divisional headquarters.
Use/Qualification – Specific to project. Created by the City of Waterloo to encourage development of corporate, regional and divisional headquarter activities in downtown Waterloo.
|
