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Eight cities vying for $42 million from state for “transformative projects”


This news story was published on March 17, 2015.
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DES MOINES – Eight Iowa communities are seeking a piece of $42 million from the state to help develop transformative projects that will improve the quality of life, create and enhance unique opportunities and substantially benefit the community, region and state.

Today, NorthIowaToday.com requested the latest figures from the Iowa Economic Development Authority, which controls the $42 million and will decide who gets how much.

Below is a summary of the eight applications – including one from Mason City – the agency received and the amount each community is seeking from the Reinvestment District program.

“There is approximately $42 million left to award, assuming the Muscatine and Des Moines final applications are funded at the same level as their provisional awards,” said Tina Hoffman, Marketing and Communications Director.

Applicant, District Name, Total Investment (District), Amount requested:

City of Cedar Falls
Cedar River Reinvestment District
$47,611,281
$9,244,259

City of Coralville
Iowa River Landing Reinvestment District
$185,262,870
$12,000,000

City of Davenport
River 80 Reinvestment District
$73,820,000
$21,775,000

City of Grinnell
Grinnell Historic Downtown and Campus Confluence
$127,000,000
$8,000,000

City of Marion
Marion Central Corridor Reinvestment District
$118,703,090
$24,060,000

City of Mason City
Mason City Downtown Reinvestment District
$36,225,350
$9,800,000

City of Sioux City
Sioux City Reinvestment District
$68,090,057
$13,968,447

City of Waukee
Kettlestone Lakes Reinvestment District
$91,388,700
$20,000,000

——

More on this program:

Applying for the Iowa Reinvestment District Program

dollars-moneyMunicipalities can apply for the funds. An eligible project within an Iowa Reinvestment District is a vertical improvement constructed or substantially improved within a district. Operations located outside of the district are not eligible. Buildings that are in whole, or in part, used to conduct gambling, or a hotel or motel connected to, or operated in conjunction with, a gambling facility are not eligible.

The application process has two phases. The pre-application must be submitted within the annual filing window of March 1 – 15. In the pre-application submittal, the applicant should provide as much of the requested information as possible. The pre-application process is designed to allow applicants to make reasonable changes to the proposed district plan before the final application is considered. The pre-applications will be scored and provisional approval made by the IEDA Board, no later than June 30. The provisional funding decision is designed to provide practical feedback for municipalities interested in creating a reinvestment district, but is not final or binding. Following the provisional approval, application materials will be placed on the Authority’s website within 10 days for public viewing.

Final application materials are due prior to the next year’s application filing window. All of the application requirements must be met for the IEDA Board to consider the final application. The applicant may amend any part of the pre-application to represent any change to the proposed projects within the district. The final application will be re-scored in the same manner as the pre-application, if changes are made. The Board’s final funding decision may be different from the provisional funding decision based on the final application.

Upon formal approval by the IEDA Board, a municipality may adopt an ordinance to establish a reinvestment district. The Iowa Department of Revenue is charged with collecting the tax revenues used to fund projects under the program.

Scoring criteria:
Uniqueness: 25 points
Economic impact: 25 points
Project feasibility: 10 points
Capital investment: 10 points
Funding leverage: 10 points
Nonretail focus: 10 points
Additional factors: 10 points (readiness for development, geographic diversity, and funding need)

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