The Iowa Economic Development Authority (IEDA) today awarded $75,000 to a rehabilitation project which will redevelop the second story of a commercial building, converting it into five apartments. The grant was one of 14 Main Street Iowa Challenge Grants to communities around the state.

 

The project is located at 1605 Harrison Street. Total cost of the renovation is estimated to be $405,000. The grant was applied for by the Hilltop Campus Village Corporation.

 

“This is a great project for the entire Hilltop district,” said Director Scott Tunnicliff. “Much of the credit goes to the property’s owner, Andrew Wold. Our office was able to provide access to the format and some guidance, but I think it was his efforts that made sure the submittal was successful.” Andrew and his wife Megan joined Tunnicliff in the receipt of the award at the Greater Des Moines Botanical Garden.

 

“The Main Street Iowa Challenge grants have proven to be catalysts for the revitalization of Iowa’s historic main streets,” said IEDA Director Debi Durham. “These projects represent the ongoing commitment the people of our state – both our elected officials and private citizens -- have to the revitalization of our historic downtown districts. Rehabilitated downtown buildings create opportunities for new business and new residences in the core of our communities.”

 

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 districts. The estimated total cost of the 14 brick and mortar projects is over $3.7 million.

 

“Each project must provide at least a dollar-for-dollar cash-match for each of the grants,” explained Main Street Iowa State Coordinator Michael Wagler. “Overall, these projects will leverage four times the state’s investment into bricks and mortar rehabilitation and technical services. These projects will have a significant economic impact within each district.”

 

“The HCV is pleased at Andrew’s project and looks forward to helping it to successful completion”, added Hilltop Campus Village Board President Robert Lee. “We are thankful too for the state legislators who had a part in making this allocation to the Challenge Grant program possible.” Since the first appropriation in 2002 through 2015, approximately $6.8 million in state and federal funds have leveraged over $45 million of private reinvestment.

 

The agency also awarded an additional $61,000 in technical assistance grants to 12 Main Street Iowa communities. The technical assistance grants will provide professional services to develop projects such as historic research, architectural and engineering services and community and business sign programs.