INCENTIVES

STORM LAKE URBAN REVITALIZATION TAX ABATEMENT | PROGRAM OVERVIEW

The City of Storm Lake Urban Revitalization Program is allowed by Iowa Code - Chapter 404. The city adopted the Storm Lake Urban Revitalization Plan  for the Storm Lake Urban Revitalization Area by action of the City Council on February 21, 2005.  The plan was adopted to promote the revitalization of properties in the area, by providing tax abatement on eligible improvements. The Urban Revitalization Plan was amended in 2014, 2018, 2021 and most recently in 2024 with the adoption of the Amended and Restated Storm Lake Urban Revitalization Plan. 

The program is an incentive for redevelopment and new development within the City of Storm Lake. In order to receive the abatement, the property owner and development or redevelopment, whichever the case may be, must meet the qualifications of the program to receive the abatement.     Complete and Submit the Tax Abatement Application Form Here

TAX EXEMPTIONS ARE ALLOWED AS FOLLOWS:

The Amended and Restated Storm Lake Urban Revitalization Plan allows for the following property tax exemptions for actual value added by qualifying improvements constructed on eligible properties located in the Storm Lake Urban Revitalization Area:

Property Assessed as Residential: 100% exemption from taxation on the first $75,000 of actual value added by the qualifying improvements, for a period of 5 years (not applicable to property tax levies imposed by a school district for applications submitted on or after July 1, 2024, as and to the extent required by Iowa Code Section 404.3D)

Property Assessed as Residential (3+ Separate Dwelling Units): 100% exemption from taxation on actual value added by the qualifying improvements, for a period of 10 years (not applicable to property tax levies imposed by a school district for applications submitted on or after July 1, 2024, as and to the extent required by Iowa Code Section 404.3D)

Property Assessed as Commercial: The property owner may choose one of the following exemptions, subject to execution of a written assessment agreement as and to the extent required by Iowa Code Section 404.3C

A. 100% exemption from taxation on actual value added by the qualifying improvements, for a period of 3 years

B. Declining percentage exemption from taxation on the actual value added by the qualifying improvements, over a period of 10 years (80%, 70%, 60%, 50%, 40%, 40%, 30%, 30%, 20%, 20%)

Additional Requirement for Properties Assessed as Commercial: Property owners submitting applications on or after July 1, 2024 for improvements to property assessed as commercial must also enter into a written assessment agreement with the City, in substantially the form attached as Exhibit B, specifying a minimum actual value for the completed improvements, consistent with and to the extent required by the provisions of Iowa Code Section 404.3C in effect at the time the application is submitted to the City.

Abandoned Property (meeting the definition of “abandoned” in Iowa Code Section 657A.1): 100% exemption from taxation on actual value added by the qualifying improvements, for a period of 5 years (for properties assessed as residential, not applicable to property tax levies imposed by a school district for applications submitted on or after July 1, 2024, as and to the extent required by Iowa Code Section 404.3D)

GRANT OPPORTUNITIES

The Corridor is excited to launch the second year of their Homegrown Talent Initiative grant program. Applications for 2026 grants will open December 10th and remain open until February 15, 2026.

Are you or someone you know...

• A graduate of high school in Buena Vista, Clay, Dickinson, or Emmet county?
• A graduate of a 2 or 4+ year college or schooling program?
• Moving (or planning to move) back to the region in the last two years?
• In need of monetary assistance with student loan debt, mortgage or rent, or childcare?

If yes, APPLY NOW HERE!

BUENA VISTA COUNTY COMMUNITY FOUNDATION

The Buena Vista County Community Foundation (BVCCF) is excited to announce the opening of the Spring 2026 Grant Cycle. This cycle allows local non-profits and governmental and public school agencies to apply for funding. The Spring 2026 grant round is now open and will close at 12:00 p.m. (noon) on Wednesday, March 18, 2026.

The BVCCF awards grants typically twice per year to qualified not-for-profit organizations, governmental agencies, or public schools. Organizations that don’t meet these requirements may utilize a “Fiscal Sponsor” to apply for funding.

Grants are awarded in one of three categories, small, medium, and large, depending on the funding request and the number of matching funds provided.

The application for the Spring 2026 grant cycle is available on the Foundation website at the following location: https://bvcountyfoundation.com/grants/grant-application/

Additional assistance is available on our website, including Frequently Asked Questions and a slideshow that walks through the application step by step and provides additional details and tips for completing it. For more information, please visit the following page: https://bvcountyfoundation.com/.../grant-application-help/

Completed applications are due no later than 12:00 p.m. (noon) on Wednesday, March 18, 2026. Late applications will not be accepted or considered in this funding round.

Applications can be mailed to the Foundation at PO Box 771, Storm Lake, Iowa 50588, or dropped off at Storm Lake United (119 W. 6th Street, Storm Lake, Iowa) in a locked drop box in the main lobby.

Credentials to Child Care Careers (C4) Grant Opportunity 
Grant helps schools pay for costs related to creating or expanding CTE content area programs resulting in students earning an approved IRC. School districts must submit a separate application for each industry-recognized credential (IRC) on the 2025-26 state-approved IRC list. Priority will be given to school districts who have not received a previous Credentials to Careers Grant.

CDBG |Community Development Block Grant Programs

The Iowa Economic Development Authority (IEDA) administers the federal Community Development Block Grant (CDBG) program in all of Iowa’s incorporated cities and counties, except those designated as HUD entitlement areas. Authorized under the Housing and Community Development Act, the main goal of the program is to “develop viable communities by providing decent housing and suitable living environments and expanding economic opportunities, principally for persons of low and moderate incomes.” All projects must meet the National Objectives as defined by HUD.

U.S. SBA | Grants

Created in 1953, the U.S. Small Business Administration (SBA) continues to help small business owners and entrepreneurs pursue the American dream. SBA is the only cabinet-level federal agency fully dedicated to small business and provides counseling, capital, and contracting expertise as the nation’s only go-to resource and voice for small businesses. SBA provides limited small business grants and grants to states and eligible community organizations to promote entrepreneurship. 

IOWA GRANTS | Opportunities 

Iowa's Funding Opportunity Search and Grant Management System.  The Iowa Grants website allows you to electronically apply for and manage grants received by the State of Iowa. 

LOANS

STORM LAKE UNITED | Revolving Loan Fund

The Storm Lake United Revolving Loan Fund offers financial assistance to be used in conjuncture with the owner's equity, commercial loans and state assistance.  This fund may be used for purchase of land, building, construction, remodeling, machinery, technology ad more.  Awards may take the form of short-term loans, guaranteeing a portion of commercial financial package and participation in a loan made by a commercial lender.  Storm Lake United is an Equal Opportunity Lender. 

FUNDING 

U.S. Small Business Administration Funding Programs

Need funding for your small business?   Find funding to start or grow your business, or help you recover after a declared disaster.  

LOANS - Start or expand your business with loans guaranteed by the Small Business Administration

INVESTMENT CAPITAL - Find an investor for your business. Investors make both debt and equity payments.  

DISASTER ASSISTANCE - Get help after a disaster with low-interest disaster loans from the Small Business Administration. 

STATE SMALL BUSINESS CREDIT INITIATIVE (SSBCI)

The State Small Business Credit Initiative (SSBCI) is a $96 million investment in growing Iowa's small businesses, including startups, manufacturers and businesses owned by veterans and individuals from diverse backgrounds. The funding is available through the U.S. Treasury Department's SSBCI, a small business aid program that was expanded through the federal American Rescue Plan Act. The Treasury Department approved Iowa's amount based on a plan submitted by IEDA. Iowa's SSBCI dollars will focus on encouraging venture capital and investment in scalable innovation companies.

BUSINESS INCENTIVES FOR GROWTH (BIG) PROGRAM 

The Business Incentives for Growth (BIG) program helps qualifying businesses offset some of the costs of locating, expanding or modernizing a facility in Iowa. Offered by the Iowa Economic Development Authority (IEDA), BIG supports growth in key industries: advanced manufacturing, bioscience, insurance and finance, and technology.

IEDA Funding Opportunities | Downtown Resource Center

Funding sources to investigate are listed below.   Keep in mind not all funding sources will be applicable for all projects and/or communities.

Community Catalyst Building Remediation Program

Downtown Loan Guarantee Program

Downtown Revitalization Fund Community Development Block Grant

Historic Preservation and Cultural and Entertainment District Tax Credit

Nuisance Property and Abandoned Building Remediation Loan Program

Workforce Housing Tax Credits

TAX INCREMENT FINANCE

Tax increment finance (TIF) promotes economic development efforts in a specific area by directing limited property tax revenues generated from property value increases within a designated TIF district to finance the cost of certain improvements made in the district.

What is a TIF Area?
A tax increment financing area (TIF Area) is usually created by a city or county for use as an economic development tool.  A community college can also create a TIF Area for a new jobs training program.

How is a TIF Area created?
A city or county must adopt an urban renewal plan and then an ordinance for the division of TIF taxes. The process prescribes public notice and public hearing requirements.

How do taxes in a TIF Area work?
Taxes in a TIF Area are split between the “base” and the “increment” values. Base value is generally described as the existing value before the TIF Area was created. Increment value is generally described as the growth in value after the TIF Area was created.

What happens to the "base" taxes and the "increment" taxes?
Taxes levied on the base value are distributed by the county treasurer to the Levy Authorities in the same manner as regular (non-TIF) Tax Districts. Taxes levied on the increment value are paid to the TIF Authority.

Who is the "TIF Authority"?
The TIF Authority is the governmental body that created the TIF Area. Usually a city, it could also be a county, a community college, or a rural improvement zone. 

How much of my taxes go the city (or county) for debt for the TIF Area? 
The amount of increment taxes depends on the relative proportion of base value to increment value in the TIF Area, and also on whether or not the TIF Authority requests all of the available TIF increment taxes in a given year. You can see the distribution of your taxes on your tax bill.

Do all of the taxes on the increment value go to pay TIF debt?
No. Debt levies for counties, schools, and cities are applied against both base and increment value, as are physical plant and equipment levies for school districts.

Are my taxes higher because my property is in a TIF Area? 
To answer this question, it is useful to assume a situation in which two real estate parcels are exactly the same in the following respects: each has the same valuation, Property Class, tax credits & exemptions, and Consolidated Tax Levy Rate. The only difference between the two is that one is in a TIF Area and the other is not. The result is that both properties will pay exactly the same amount of taxes. The difference in a TIF Area is not how much you pay in taxes, but who receives the taxes.

What qualifies to be paid from taxes on the increment value?
TIF tax revenues are used to repay debt incurred for qualifying urban renewal projects within a TIF Area. Projects are for the purposes and activities listed in Code of Iowa Sections 403.6 or 403.12 and should also be included in city’s urban renewal plan. TIF debt for an urban renewal project can take the form of rebate agreements, internal loans, general obligation bonds, or TIF revenue bonds.

Interested in learning more about TIF?  

The Iowa League of Cities and the Professional Developers of Iowa have joined forces to highlight the transformative impact Tax Increment Financing (TIF) has had on communities across the state. Find out how TIF supports Iowa Communities.  

View a TIF Fact Sheet presented by the Iowa League of Cities .