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Through collaborative leadership we supplied a pipeline of $812 million in new capital investment projects to strengthen and diversify the assets in Iowa. But beyond big number private-sector prospects we also work with the progressive small businesses, nonprofits, civic leaders, workforce, education institutions, utilities, transportation, housing, etc to maximize productivity and long-term prosperity in our evolving economic landscape.

Financing Update: Small towns have the Power in Iowa

Iowa is unique. Streamlined, localized economic development financing is not available in every state. Here in Iowa, small rural towns are still healthy and plentiful, and local city and county government have the power to ‘partner and invest’ local public sector dollars in a timely and efficient manner into private companies that promises specific thresholds of new growth that will benefit the greater community. There are 7 ways this can be accomplished:

  1. Property Tax Abatement: This is a property tax tool for economic development.
    Urban Revitalization Tax Abatement (Chapter 404)
    Industrial/Warehousing Tax Abatement (Chapter 427B)
    Speculative Shell Buildings (section 427.1(27))
    Enterprise Zones (Chapter 15E)
    High Quality Job Creation Act (Section 15.332)
    Annexation – Phase-in of City tax levy (Chapter 368)
  2. Tax Increment Financing or TIF is a property tax tool for economic development borrowing against an expected value increase of property taxes on future real estate development projects.
  3. General Obligation: Could be used to finance streets and utilities infrastructure to serve private development.
  4. Special Assessment: Could be used to finance streets and utilities infrastructure to serve private development.
  5. Road Use Tax Revenues: Could be used to finance street infrastructure to serve private development.
  6. Utility Revenues: Could be used to finance utilities infrastructure to serve private development.
  7. Local Option Sales Tax Revenues: Could be used to finance infrastructure to serve private development.

A collection of Tama County centered economic development financing resources can be reviewed under Data. Individuals and companies looking to expand / grow in Tama County are also welcome to contact Tama County Economic Development directly for research on custom resources beyond these local government options.

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