Iowa Reinvestment Districts

Assisting Communities with Transformative Projects

The Iowa Reinvestment District Program is designed to assist communities in developing transformative projects that improve the quality of life, create and enhance unique opportunities and substantially benefit the community, region and state.

The program provides up to $100 million in new state hotel/motel and sales tax revenues to be “reinvested” within approved districts. Districts cannot exceed 75 acres in size and must be in an Urban Renewal Area.

Applying for the Iowa Reinvestment District Program

Municipalities can apply for the funds. An eligible project within an Iowa Reinvestment District is a vertical improvement constructed or substantially improved within a district. Operations located outside of the district are not eligible. Buildings that are in whole, or in part, used to conduct gambling, or a hotel or motel connected to, or operated in conjunction with, a gambling facility are not eligible.

The application process has two phases. The pre-application must be submitted within the annual filing window of February 22 – 25, 2021. In the pre-application submittal, the applicant should provide as much of the requested information as possible. The pre-application process is designed to allow applicants to make reasonable changes to the proposed district plan before the final application is considered. The pre-applications will be scored and provisional approval made by the Iowa Economic Development Authority (IEDA) Board. The provisional funding decision is designed to provide practical feedback for municipalities interested in creating a reinvestment district, but is not final or binding. Following the provisional approval, application materials will be placed on IEDA’s website within 10 days for public viewing.
 

Final application materials are due prior to the next year’s application filing window. All application requirements must be met for the IEDA Board to consider the final application. The applicant may amend any part of the pre-application to represent any change to the proposed projects within the district. The final application will be re-scored in the same manner as the pre-application, if changes are made. The Board’s final funding decision may be different from the provisional funding decision based on the final application.

Upon formal approval by the IEDA Board, a municipality may adopt an ordinance or resolution to establish a reinvestment district. The Iowa Department of Revenue is charged with collecting the tax revenues used to fund projects under the program.

Scoring Criteria

• Uniqueness: 25 points
• Economic impact: 25 points
• Project feasibility: 10 points
• Capital investment: 10 points
• Funding leverage: 10 points
• Nonretail focus: 10 points
• Additional factors: 10 points (readiness for development, geographic diversity, funding need)

Applications Received

Ames
Cedar Rapids (Final)
Des Moines - Capital City
Des Moines - Merle Hay Campus (Final)
Fort Dodge - Corridor Plaza (Final)
Newton (Final)