- For projects located in the Downtown, Kingston Village, Ellis Boulevard Area, Czech Village, New Bohemia, Uptown, and MedQuarter Districts (see map)
- At least 3 housing units
- Located within established commercial area - proximity to workplaces, retail, transit, etc.
High Quality Jobs
- 10+ jobs new to the City that meet the State's High Quality Jobs wage threshold
- In compliance with all codes and requirements
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.
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.
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
- 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
- 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.