At their meeting earlier this week, the Carroll City Council approved a new policy that standardizes how and when the city will provide matching funds for local applications for the Iowa Economic Development Authority (IEDA) Community Catalyst Building Remediation grant. City Manager Aaron Kooiker says there has been a lot of interest in the program in recent years, but the city did not have formal standards on the books for what projects would be supported.
These grants are highly sought after, as they provide upwards of $100,000 plus local matching funds to rehabilitate older buildings to stimulate economic growth. The city plans to use a portion of its local option sales tax (LOST) proceeds to provide the required local match. Mayor Mark Beardmore says it is only logical to use taxes generated from local businesses to spur additional economic growth.
Grants are awarded on a first-come, first-served basis. The funding is contingent on IEDA’s approval of the respective projects. Potential applicants must outline their project’s anticipated impact, such as job creation, new housing units, improved property values, and other similar criteria. The council voted unanimously during their meeting Monday to approve the new program rubric. To learn more about partnering for a Community Catalyst grant, contact city hall at 712-792-1000.
