Humboldt Iowa News, IA
10-12-06
Business opportunities available
There's never been a better time to start a business in Humboldt or Humboldt
County.
Humboldt County Development Association (HCDA) Director Lonnie Larson and
Humboldt City Administrator Lorie Bennett recently met with members of the
Humboldt-Dakota City Chamber of Commerce to discuss programs available to
help existing businesses and potential new businesses.
The Commercial Development Committee has been formed as a liaison between
the Humboldt-Dakota City Chamber of Commerce and HCDA.
The committee has created an "incentive toolbox" with the following programs
available.
The Central Business District (CBD) Urban Renewal Area TIF Revolving Loan
Fund may be used to assist for profit and not for profit organizations. Funds are
loaned by the city of Humboldt. Maximum loan is 50 percent of the total project
not to exceed $300,000. It is designed to be a tandem loan program in
cooperation with a sponsoring financial institution.
Tax Increment Financing (TIF) Property Tax Rebate Program is available for
properties located within a TIF District. Property taxes can be rebated back to a
business owner over a five-year period. The minimum additional valuation to be
eligible is $100,000.
The HCDA Revolving Loan Fund can be used to leverage capital in a
development project. Collateral can be a junior lien on equipment or real estate.
The MIDAS Revolving Loan Program is designed to encourage new or expanded
development activities. It is available to North Central Iowa counties, and is
offered as gap financing working with a traditional lending institution.
The Corn Belt Power Cooperative POWER Fund is a local funding source with
funding priorities of: job creation/retention; diversification of local economy; skill
development of rural workforce; and public infrastructure upgrades.
The Humboldt County REC Revolving Loan Fund provides loans for eligible
projects that can include any business venture, governmental public body, or
non-profit entity involved in a community or economic development project that
promotes job creation and/or provides needed community services that benefit
rural areas.
The Central Business District Rehabilitation Matching Grant Program provides an
incentive to update, improve, or enhance the facades of buildings to create a
more aesthetically appealing atmosphere and to preserve historic assets in the
downtown. It is a 50 percent matching fund grant up to $1,000 maximum.
The Housing Application Review Team (HART) is a cooperative inter-agency
work group of six agencies working together. It could be used for renovation
projects in the upper level apartments in the Central Business District.
Larson also explained the new private investors program of the HCDA, which
encourages individuals and businesses to donate to the Humboldt County
Development Association. Larson explained the benefits of joining the economic
development effort, including special inclusion on the new HCDA website being
developed. Giving levels are $250, $500 and $1,000.
Larson said they are working to upgrade and update the Humboldt County
Development Association website in conjunction with the city of Humboldt and
the Humboldt-Dakota City Chamber of Commerce.
She is also working on updating marketing pieces on the county.
The database of information on Humboldt County is being updated to include
information on all 12 communities in Humboldt County.
"This database system called LOIS is a tool used by prospects and by the Iowa
Department of Economic Development to let them know what's out there,"
Larson said.
An inventory of all available buildings, both commercial and industrial, will be
listed.
Larson said her goal is to meet with mayors and city councils in each town in the
county to let them know what the HCDA has to offer.
In addition, she is working on updating tourism information for the Travel Iowa
publication.
Larson said help is available to business and industry from the United States
Department of Agriculture Rural Development, Iowa State University, and
Iowa Central Community College.
Larson said economic development is a regional effort and HCDA has taken an
active role in the Mid Iowa Growth Partnership, a nine-county regional economic
development effort.
"We have a lot of resources available to attract or help businesses. Please feel
free to call or see me any time," Larson said.
Larson's office is located at Humboldt City Hall, 29 5th Street South, Humboldt,
and the phone number is 332-2557. Her email address is:
lonniel@ci.humboldt.ia.us.