The Mitchell County Economic Development Commission (MCEDC) has announced the Phase 2: Commercial Construction Incentive Program aimed at boosting the local construction industry and spurring development of commercial, rental and residential projects in the County. With the success of Phase 1, which resulted in over $4.4M in NEW valuations for Mitchell County, the Mitchell County Board of Supervisors have targeted $1M toward this economic development program as part of the Mitchell County TIF revenue bond for a Phase 2.
The program is a collaborative effort between the Board of Supervisors and the Mitchell County Economic Development Commission. Incentive funding will be awarded as four-year forgivable loans, with the application and review process overseen by MCEDC. Projects meeting program guidelines and considered to be in the best interests of Mitchell County will be submitted to the Board of Supervisors with a recommendation for approval. Top priority is being given to Mitchell County builders and contractors.
Targeted projects in phase 2 include construction of commercial and industrial at 20% of project cost, up to a maximum of $50,000. Additionally, rental and residential projects may qualify for up to $20,000 for a 1-bedroom unit, $25,000 for a 2-bedroom unit and $30,000 for a 3-bedroom unit, with a maximum award of $240,000 for larger multi-family projects. Significant reconstruction/rehabilitation and adaptive re-use of vacant properties will also be considered. Projects must meet a minimum of $150,000 cost threshold and be located within the County’s urban renewal area. Applications will be accepted starting May 15th until December 2019 or until program funding is exhausted.
For more information, complete guidelines and application for the Construction Incentive Program, visit www.mcedciowa.com or contact the Mitchell County Economic Development Commission at 641.732.4790 or firstname.lastname@example.org.