New Commercial Development Incentive Approved

New Commercial Development Incentive Approved
Posted on 10/20/2020

Contact:
Shelby Hisel
Communications Coordinator
shisel@norwalk.iowa.gov
515.443.5644

 



FOR IMMEDIATE RELEASE
TUESDAY, OCTOBER 20, 2020

 

NORWALK CITY COUNCIL APPROVES NEW COMMERCIAL DEVELOPMENT INCENTIVE

 

Norwalk, IA (Oct. 20, 2020) – Last week the Norwalk City Council approved a new incentive proposed by the Economic Development Department, to provide yet another lucrative opportunity for commercial developers to invest in the growing community.

 The new addition to Norwalk’s TIF (Tax Increment Financing) policy is called the “First-In Commercial Development Incentive”. It provides the ability to assist developers with up to 100% new infrastructure costs if they build the first commercial structure within a larger, undeveloped commercial area. Projects may qualify for up to 20 years of 80% TIF rebate from the new increment their project creates. This incentive also allows the City to provide lump sum grants for portions of infrastructure constructed that will serve additional future parcels.

To remain competitive in the fast-paced Des Moines Metropolitan market, Norwalk’s Economic Development Department also offers commercial incentives of up to $50,000 for existing property owners for façade and value-added improvements to older facilities. They also offer a 5-year graduated tax abatement on new or improved commercial facilities, as well as a High-Quality Jobs Grant that provides cash for new full-time jobs created that meet wage requirements.

 Economic Development Director Hollie Zajicek says “The City of Norwalk is known for being creative when it comes to providing commercial packages and negotiating development agreements. The City’s flexibility and incentives programs have helped more than thirty development projects and businesses over the past few years.”

For more information on available development land or details on the incentive programs, contact Economic Development Director, Hollie Zajicek at holliez@norwalk.iowa.gov or 515.314.5862.