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Applications now available for redevelopment funding programs for Historic WDM

Post Date:03/23/2017 2:57 PM
The Property Improvement Fund and Regulatory Compliance Fund are pilot programs initiated by the City of West Des Moines to encourage the redevelopment of properties in the Historic West Des Moines study area.

The City of West Des Moines has introduced two pilot programs for redevelopment projects in the Historic West Des Moines study area. The programs are intended to encourage business and property owners within the Historic West Des Moines study area to undertake projects to renovate, upgrade and comply with updated government regulations.

The two pilot programs, the Property Improvement Fund and the Regulatory Compliance Fund, are detailed below:

Property Improvement Fund (PIF): The Property Improvement Fund will provide assistance to property owners in the renovation and upgrade of older commercial, office, industrial, and mixed use properties within the eligibility area. Projects eligible for funding include but are not limited to: major renovation of structural elements of the building, including new or replacement roofs; total renovation and rehabilitation of underutilized building areas; awning and facade improvements; additions to existing buildings; and the cost associated with professional services of an architect, engineer or other design professional.

Regulatory Compliance Fund (RCF): The Regulatory Compliance Fund will assist property owners within the eligibility area with efforts to be in compliance with government regulations, specifically: fire sprinkler requirements; ADA compliance; installation and upgrades to electrical, plumbing and mechanical systems to bring those systems up to current building codes standards; upgrades to or installation of fire suppression systems, including range hoods; and fats, oil and grease tank installation.

Property owners within the designated area are eligible to apply for funding of up to $75,000 from each program. The PIF is a no-interest forgivable loan, which will be paid by the borrower through an increase of property taxes. The RCF is a 1:1 matching grant for up to 50% of the cost of the project(s). Any project for which a building permit has been issued will be ineligible for funding.

Applications for both programs are due by 4 p.m. on Wednesday, April 12, 2017.

How to Apply: Visit www.wdm.iowa.gov/CED and select Financing under the Business Development tab on the left side of the page.

The Historic West Des Moines study area includes the major commercial corridors mostly on the north side of Railroad Avenue from First Street to 11th Street; and includes some of the industrial area south of Railroad Avenue from Sixth Street to Ninth Street; all of the Historic Valley Junction commercial area along Fifth Street and the commercial area on First Street from Railroad Avenue to Walnut Street.
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