14 COMMUNITIES RECEIVE $925,000 IN MAIN STREET IOWA CHALLENGE GRANTS

Projects will leverage private investments to revitalize downtowns across the state

OTTUMWA – The Iowa Economic Development Authority (IEDA) today awarded Main Street Ottumwa (MSO) a $75,000 Challenge Grant for the Iowa Southern Utilities Building Rehab Project at 307 E. Main St. in downtown Ottumwa. Thirteen other Main Street Iowa communities also received grants.

 

Current View of building

 

“The Main Street Iowa Challenge grants have been instrumental in revitalizing Iowa’s historic main streets,” said IEDA and Iowa Finance Authority Director Debi Durham. “Reinvesting in our traditional commercial districts is good business. It’s good for our economy and good for our state. These projects will bring new businesses and new residents to our downtown districts.”

 

The grants are administered through IEDA’s Iowa Downtown Resource Center and Main Street Iowa programs. The funding will be distributed in the form of matching grants to the selected Main Street programs. The estimated total project cost of these 14 projects is over $3.2 million.

 

“Each project must provide at least a dollar-for-dollar cash-match,” said Michael Wagler, state coordinator for the Main Street Iowa program. “In total, these projects will actually leverage significantly more than the state’s investment into bricks and mortar rehabilitation. This investment will have a significant economic impact within each district.”

 

Proposed view of building

 

Since the first Challenge Grants were awarded in 2002, approximately $11.6 million in state and federal funds have leveraged more than $59 million in private investment. Over the life of the program, 193 projects in 56 Main Street Iowa commercial districts across the state have received funding.

 

For more information about the Main Street Iowa Challenge Grant program, contact Michael Wagler at 515.348.6184 or mainstreet@iowaeda.com.