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 email@example.com.
The Mitchell County Economic Development Commission is pleased to announce that the next phase of planning continues for Phase 2 of the Commercial Construction Incentive Program. In order to be eligible to participate in this program the property involved must be in a designated Urban Renewal District. If you would like to be eligible, wonder if you are currently eligible, or just have questions about the program, please give us a call at the Economic Development office, 641-732-4790. If you request to be included at this time there is no cost to be added to the existing list. Later request will result in the necessary legal fees for filing the request. The deadline for requesting to be included in the Urban Renewal District is April 4th, 2019 at 4:00 pm. We look forward to working with our local builders to build for our future.
The North Central Iowa Regional Economic & Port Authority (NCIREPA or Port Authority) is currently evaluating their natural gas infrastructure needs to support economic development for Worth and Mitchell Counties. As part of this evaluation, the Port Authority has retained Montana-Dakota Utilities Co. (MDU), Bartlett & West, and ProSource Technologies, LLC (ProSource) to assist with their energy infrastructure planning. The preparation of this Natural Gas Pipeline & Customer Gas Usage Analysis Report is one component of the infrastructure planning process.