Standard City Incentives
Non-Housing – 10 year, 44% Tax Exemption OR 10 year, 50% Tax Reimbursement
Housing – 10 year, 100% Tax Exemption OR Reimbursement
- At least 3 housing units
- 75% or more of the building area dedicated for housing
- Located within established commercial area - proximity to workplaces, retail, transit, etc.
- Commercial development that is consistent with adopted plans
- Within the following districts: Downtown, Kingston Village, Czech Village/NewBo, and MedQuarter
- Within the following Action Plan areas: Mt. Vernon Road, Ellis Boulevard/NW Neighborhood, College District, and 6th Street SW Corridor
- 10+ jobs new to the City that meet the State's High Quality Jobs wage threshold
- Non-residential business
- Targeted industries from City's Economic Development Strategic Plan:
- Life Sciences
- Logistics and Distribution
- Professional Business Services
- Finance, Insurance, and Real Estate
- Food Sciences and Processing
- 15+ acres (not solely residential) with approved site plan and design guidelines
- Vacant or significantly underutilized properties that include demolition and site prep costs
- Commercial development that is consistent with adopted plans
- Vacant strip centers or big box of at least 10,000 square feet
- 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
- Up to 10 year, 100% tax exemption or reimbursement, based on demonstrated increased cost
- Redevelopment of a structure listed on National Historic Register, eligible for listing on the National Historic Register, or designated local landmark, in a manner consistent with the City's Historic Preservation Design Guidelines
- Relocation or integration of a historic structure, as part of a new development project
- Up to 10 year, 100% tax exemption or reimbursement, based on demonstrated increased cost
- Unique contribution to the community such as expansion of local businesses, headquarters facility, emerging industry, or affordable housing
- Project must qualify within one of the specific categories listed above
- Exemption or reimbursement amount determined through financial analysis with appropriate thresholds, based on the nature of the project, including but not limited to:
- Private equity exceeds present value of City incentive
- Construction cost, operational expenses, sale and/or lease revenues are verified as consistent with current market conditions
- Developer's rate of return consistent with local market conditions and/or industry standards
- Financial and market feasibility
- Experienced development team
- Quality design that enhances area
- Neighborhood and community support
- Compliance with all codes and requirements
All Economic Development Programs are subject to City Council Approval.
To download the Economic Development Program Application, click here.
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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
Cedar Rapids Revolving Loan Fund
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
Financial Assistance:
- Maximum loan award: $50,000
- Interest rate of 4%
- Term no longer than 10 years
Funding is facilitated through the East Central Iowa Council of Governments.
For an application, please visit:www.ecicog.org/crrlf
Questions?
Please contact Robyn Jacobson, contract administrator with East Central Iowa Council of Governments.
Email: robyn.jacobson@ecicog.org
Phone number: 319-365-9941 ext. 134
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Contact Information
101 First Street SE
Cedar Rapids IA, 52401
Phone: (319) 286-5041
Development@Cedar-Rapids.org
Related Links
Economic Alliance
Cedar Rapids CVB
Iowa Department of Economic Development
