Tax Increment Financing (TIF)
City councils or county boards of supervisors may use the property taxes resulting from the in-crease in taxable valuation caused by the construction of new industrial or commercial facilities to provide economic development incentives to a business or industry. Tax Increment Financing may be used to offset the cost of public improvements and utilities that will serve the new private development, to finance direct grants or loans to a company, or to provide the local match for federal or state economic development assistance programs.
Grimes uses TIF as a strategic investment to lure attractive developments and employers to the community, as well as to assist those already in the community to expand or improve their situation. Currently, the City has three standing programs intended to advance local economic development goals. Those programs include:
Grimes Office Development Incentive
The City of Grimes offers a Tax Increment Financing rebate to eligible individuals/entities for new taxable value added from office developments that meet certain minimum requirements.
Grimes Southern Heights Incentive
The City of Grimes offers a Tax Increment Financing rebate to eligible individuals/entities for new taxable value added from flexible and industrial developments located within a specified geographic area in southern Grimes.
Grimes Governors District Incentive
The City of Grimes offers a Tax Increment Financing rebate to eligible individuals/entities for new taxable value added from development and redevelopment located within the geographic area knows as the Governors District, which is located in and around the historic downtown business district of Grimes.
If you would like to receive a copy of the current
Economic Development Incentive Policy & Application for Grimes, Iowa,
Click Here
For questions, please email Brian Buethe, President | CEO of Grimes Chamber & Economic Development.
He can be reached at brianb@grimesiowa.com