Incentives, Grants and Loans
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 and most recently in 2021 with the adoption of Amendment No.3.
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:
RESIDENTIAL SPECIFIC EXEMPTION
All qualified real estate assessed as Residential Property is eligible to receive a one hundred percent (100%) exemption from taxation on the first seventy-five thousand dollars ($75,000) of actual value added by the improvements. The exemption is for a period of five (5) years.
All qualified real estate assessed as Residential Property under Iowa Code Section 441.21 (14) (a) (6) on or after January 1, 2022, having three (3) or more separate dwelling units, are eligible to receive a one hundred percent (100%) exemption from taxation on the actual value added by the improvements. The exemption is for a period of ten (10) years. *This exemption is available for this particular subset of residential property in lieu of the general residential property exemption set forth above, and is made available to further the City’s planning objectives with respect to ensuring the availability of a variety of housing options and promoting the development of multi-family residential properties.
COMMERCIAL SPECIFIC EXEMPTION
All qualified real estate assessed as commercial property is eligible to receive a fifty percent (50%) exemption from taxation on the actual value added by the improvements. The exemption is for a period of three (3) years.
MULTIRESIDENTIAL SPECIFIC EXEMPTION
All qualified real estate assessed as multiresidential property prior to January 1, 2022, if the multiresidential property consists of three (3) or more separate living quarters with at least seventy-five percent (75%) of the space used for residential purposes, is eligible to receive a one hundred percent (100%) exemption from taxation on the actual value added by the improvements. The exemption if for a period of ten (10) years.
ABANDONED SPECIFIC EXEMPTION
All qualified real estate determined to be abandoned property pursuant to Iowa Code Section 404.3B (meeting the definition of "abandoned" in Iowa Code Section 657A.1) shall be eligible to receive a one hundred percent (100%) exemption from taxation on the actual value added by improvements. The exemption is for a period of five (5) years.
U.S. SBA | Grants
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.
Governor Reynolds has announced a second round of funding for the Child Care Business Incentive Grant Program. The grants are to provide additional flexibility in the ways employers can partner with local child care providers to meet the needs of their employees. Grants will support projects that increase licensed or operational child care slots, add slots to meet new time/day requirements of employees, or fill currently licensed (but filled) slots for the benefit of employees.
Assistance for Eligible Individuals Starting or Growing a Business. The Targeted Small Business (TSB) loans are available to businesses that are eligible for TSB certification - are 51% or more owned and actively managed by a female, an individual with minority status, a service-disabled veteran or an individual with disability. Loan eligibility is not dependent on TSB certification, however, it is strongly encouraged that once the entity is in business that they become a certified TSB.
- Loans up to $50,000 for TSB's looking to start or expand.
- Funds can be used for business improvements and expenses, including but not limited to , the purchase of equipment, furnishings, inventory and specific operating expenses.
- Funds cannot be used for the purposes of purchasing or investing in real estate.
- TSB certification is not required.
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.