This is the first day the City of West Des Moines is accepting applications for the Property Improvement Fund (PIF) and the Regulatory Compliance Fund (RCF) Programs for Historic Valley Junction commercial areas. If you have a business or are planning to locate your business in Valley Junction you may qualify for several assistance programs. Please read the information below and visit the city’s landing page.
Property Improvement Fund
The Property Improvement Fund (PIF) will provide assistance to property owners in the renovation and upgrade of older commercial, office, industrial, and mixed use properties within the Historic West Des Moines study 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.
Property owners within the designated areas are eligible for funding of a zero-interest loan up to $75,000. For those properties that are considered contributing according to the National Historic District nominating application or as a result of the proposed improvements would be considered a contributing building will be eligible for up to $100,000 from the fund. Any project for which a building permit has been issued will be ineligible for funding.
PIF Application
Applications for this program are due by 2:00 pm on May 18, 2022
Applications may be mailed, delivered in person or emailed to clyde.evans@wdm.iowa.gov
Regulatory Compliance Fund
The Regulatory Compliance Fund (RCF) will assist property owners within the Historic West Des Moines study area 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;
- Repair or replacement of structural elements of buildings, include roofing, and building exterior walls and surfaces.
Property owners within the designated areas are eligible to apply for funding of up to 50% of the cost of regulatory compliance as a grant up to $75,000. For those properties that are considered contributing according to the National Historic District nominating application or as a result of the proposed improvements would be considered a contributing building and will be eligible for up to $100,000 from the fund. The property owner is responsible for matching the grant on a 1:1 basis as their share of the project.
Any project for which a building permit has been issued will be ineligible for funding.
RCF Application
Applications for this program are due by 2:00 pm on May 18, 2022
Applications may be mailed, delivered in person or emailed to clyde.evans@wdm.iowa.gov
Property Tax Rebate Program
The Property Tax Rebate Program (PTR) will encourage and provide assistance to property owners in the renovation and redevelopment of vacant or underutilized retail, office, mixed-use and industrial building and sites. Projects eligible for funding include major renovation of structural elements of the building.
Property owners within the designated areas are eligible to apply for the Property Tax Rebate Program, which will be based on a five-year, 100% rebate of the tax increment revenues generated by the agreed upon construction, upgrades, and replacements with all rebates being subject to a non-appropriation in any given year. In addition, the participating property owners must enter into a 10-year minimum assessment agreement with the City.
If a project involves the renovation of a contributing building or one that will be made contributing according to the National Historic District nominating application, then the property owner would be eligible to apply for a ten-year 100% property tax rebate. In addition, the participating property owners must enter into a 20-year minimum assessment agreement with the City.
The property owner must enter into a development agreement with the City and must commit to creating or retaining a minimum of five (5) full-time equivalent employees in the first 2 years and retain those positions for the life of the rebate.
The property owner must commit to the City that they will undertake at least $500,000 worth of construction, upgrades, and/or replacements to the property.
More Information
If you are interested in this program please contact the Community & Economic Development Department at (515) 273-0770.
PTR Application
Applications for this program are due by 2:00 pm on May 18, 2022
Applications may be mailed, delivered in person or emailed to clyde.evans@wdm.iowa.gov