The Iowa Economic Development Authority (IEDA) announced on April 5 that $1.8 million in Community Catalyst Building Remediation grants will be awarded to 18 Iowa communities for the remediation or redevelopment of underutilized buildings to stimulate economic growth in communities. IEDA made the announcement at an awards presentation during the Iowa Rural Development Summit, which was held in Grinnell.
In Jackson County, the Jackson County Economic Alliance (JCEA) and East Central Intergovernmental Association (ECIA) helped the City of Maquoketa and the City of Bellevue apply successfully for two of these grants. Each of the cities were awarded a $100,000 grant.
In Bellevue, the grant was awarded to the Old Button Factory (305 S. Riverview St.) project to fully rehabilitate the iconic downtown limestone building on the riverfront owned by Water Street Partners LP. The intended uses of this building after rehabilitation include public restrooms, welcome center, retail space, and co-working space for entrepreneurs. The City Council has committed a 15 year tax increment rebate, estimated at over $100,000, to match the State’s $100,000, and the private entity’s $1,589,600 investment.
In Maquoketa, the grant will be used for the Old Trophy Building (110 S. Main St.) project to rehabilitate this historic downtown building in the center of the downtown business district owned by Maquoketa Betterment Corporation. The goal of this rehabilitation is to bring the nearly 5,000 square foot commercial space back into productive use, and prepare the two upper story apartments for residential use. The City Council has committed a $100,000 tax increment grant to match the State’s $100,000, and a $100,000 commitment by the Timber City Development Corporation.