Standard City Incentives
Non-Housing – 10 year, 44% Tax Exemption OR 10 year, 50% Tax
Reimbursement or equivalent
Housing – 75%+ of building area dedicated for housing 10 year, 100% Tax Exemption OR Tax Reimbursement or equivalent
Core District Reinvestment
- For projects located in the Downtown, Kingston Village, Ellis Boulevard Area, Czech Village, New Bohemia, Uptown, and MedQuarter Districts (see map
High Quality Jobs
- 10+ jobs new to the City that meet the State's High Quality Jobs wage threshold
Large Site Master Plan
- 15+ acres (not solely residential) with approved site plan and design guidelines
- Listed on National Historic Register, eligible for listing on the National Historic Register, or designated local landmark with State determination of no adverse effect
- Vacant or significantly underutilized properties that include demolition and site prep costs
- At least 10,000 square feet total, such as strip centers or big box
- Minimum renovation cost of at least 50% current taxable value with sustainable features
- Any project requiring a local match to receive State funding
- Any project receiving LEED Certification
- * Can be used as a standalone standard city incentive OR an additional 10 year, 25% reimbursement on non-housing projects
- Commensurate with demonstrated gap and public purpose
- Long-term benefit to the community
- Financial viability
- Examples include expansion of a local business, headquarters facility, emerging needs
Expectations for ALL projects include:
Quality design that enhances the area
Experienced development team
Neighborhood and community support
Industrial Property Tax Exemption
Provides for an exemption from property taxation for a portion of the value added through new construction or renovation. Chapter 15 of the Municipal Code allows exemption without specific approval by the City Council, if applicant is eligible under definitions of manufacturer or processor, warehouse/distribution when distribution is to retail outlet, and research-service operations.
For additional information, please contact the City Assessor’s Office at 319-286-5888.
Urban Revitalization Tax Exemption
Provides an exemption from property tax for all or a portion of the value of new development or renovations on specific properties approved by the City Council.
Urban Renewal Tax Increment
Commonly referred to a TIF for Tax Increment Financing. In order to establish this funding program a specific area is designated as an Urban Renewal Area and property taxes generated by new development or renovations within the area may be used to provide economic development incentives.
Cedar Rapids has been directly involved in providing economic development incentives since December 1980 with the creation of a 5-year partial property tax exemption known as the industrial property tax exemption. Over the last 10-years the City has taken on an increasingly aggressive role in economic development incentives by creating Urban Renewal Areas. These Urban Renewal Areas provide tax increment funding for economic development incentives and public improvements related to those projects. During that time the City has invested over $31 million in economic development incentives facilitating:
$162 million in private investment in new facilities, equipment, and technology;
Retention/creation of over 6,300 jobs with an annual payroll of over $160 million; and
Funding over $30 million in public improvements including streets, utility extensions, and recreation facilities
The Cedar Rapids Revolving Loan Fund (RLF) helps encourage expansion and growth in the core of Cedar Rapids by providing competitive loans to qualifying businesses.
Funds are available at competitive rates to help position businesses for future growth. The continued success and support of the core is an important component to strengthening Cedar Rapids’ economic engine.
Eligibility is based on the following:
- Cedar Rapids businesses that currently reside, or are willing to relocate to, the flood inundation area (including parts of the Downtown District, NewBo, Czech Village, and Kingston Village areas)
- Businesses that received disaster recovery funds following the 2008 floods, residing anywhere in Cedar Rapids
Cedar Rapids MICRO Loan
- Maximum loan award: $50,000
- Interest rate of 4%
- Term no longer than 10 years
A micro loan is a small, short-term loan for businesses. Micro loans were developed to help small businesses grow, but they can also help businesses looking to make minor changes to further their business goals. Cedar Rapids developed the MICRO loan program, administered by ECICOG, to assist businesses in the Cedar Rapids city limits.