The Iowa Economic Development Authority (IEDA) awarded $950,000 in Main Street Iowa Challenge Grants to 13 communities around the state. The grants will benefit local improvement projects, including upper story renovations, movie theater restoration and expansions, restaurant start-ups and improvements, critical building stabilization and façade restoration and upgrades. The announcements were made during a ceremony held at the Greater Des Moines Botanical Garden.
“The Main Street Iowa Challenge grants have proven to be catalysts for the revitalization of Iowa’s historic main streets,” said IEDA Director Debi Durham. “These projects demonstrate the ongoing commitment the people of our state have to keeping our downtowns vibrant, which helps attract new visitors, residents and businesses.”
The grants are administered through IEDA’s Iowa Downtown Resource Center and Main Street Iowa programs. The funding will be distributed in the form of matching grants to the selected Main Street programs. The estimated total project cost of these 13 projects is more than $8.7 million.
In Corning, Main Street Corning was awarded an IEDA grant of $70,000 while matching with $88,000 for a total cost of $158,000 for their project Primrose Upper Story.
In Greenfield, Greenfield Chamber/Main Street was awarded an IEDA grant of $75,000 while matching with $87,600 for a total cost of $162,600 for their project at 358 Public Square.
“Each project must provide at least a dollar-for-dollar cash-match,” said Michael Wagler, state coordinator for the Main Street Iowa program. “In total, these projects will actually leverage more than nine times the state’s investment into bricks and mortar rehabilitation that will have a significant economic impact within each district.”
The Challenge Grant program is funded through an appropriation from the Iowa Legislature. Since the first appropriation in 2002, approximately $9.6 million in state and federal funds have leveraged more than $57 million in private investment. Over the life of the program, 165 projects in 53 Main Street Iowa commercial districts across the state have received funding.
A complete list of recipients can be downloaded at http://iowaeconomicdevelopment.com/UserDocs/documents/IEDA/2018MSI-ChallengeGrantRecipients.pdf.