The Iowa Economic Development Authority (IEDA) and Iowa Finance Authority (IFA) announced today a combined $2 million in additional funding to aid ongoing recovery efforts in Marshalltown. Both commercial and residential properties are eligible for the funding, which may be used for redevelopment, rehabilitation or deconstruction of buildings and to support the revitalization of Marshalltown’s downtown district.
“A Main Street district is the heart of a community like Marshalltown – both economically and in spirit,” said Debi Durham, director of IEDA and IFA. “We’re happy to partner with local leaders and building owners to rehabilitate Marshalltown and position the community’s central business district for future growth.”
More than 100 of Marshalltown’s historic downtown structures sustained some level of damage when the tornado touched down in July last year. IEDA is awarding $1 million to the city through emergency provisions in its Community Catalyst Building Remediation Program, which assists with projects identified by cities that present a “unique and immediate threat,” including from various acts of nature, such as a flood, fire or storm damage. Affected building owners can apply for funding, starting at $25,000, to help cover the gap between recommended restorations and insurance coverage.
“This funding will help Marshalltown not only rebuild but renew its downtown district,” said Durham. “Since the storm, our goal has been to provide the resources and support necessary to set long-term solutions in place, so Main Street can return to its role at the center of the community and will be around for future generations to enjoy.”
IFA is also making $1 million in low-interest loans available through its Main Street Loan program in partnership with IEDA’s Main Street Iowa program. Marshalltown business owners may apply for loans, ranging from $50,000-$250,000 to assist in the rehabilitation of residential and commercial properties or for new construction in downtown areas.
The powerful tornado that swept through Marshalltown in mid-July 2018 downed trees and power lines and damaged public buildings, businesses and private residences. To date, IEDA and IFA programs have provided a combined $3 million to support Marshalltown recovery efforts. This support includes a High Quality Jobs project awarded by the IEDA Board in January to Marshalltown’s RACOM Corporation, which designs, installs and maintains technologies involved in emergency response situations. RACOM plans to expand, adding five jobs, as the company rebuilds post-storm damage.