The City of Perry is dedicated to encouraging the growth of of both business and residential development in Perry. Perry primarily uses property tax-based financial assistance to support businesses and developers building and expanding within our community, because incentives attract and promote investment, employment, and opportunity in the Perry. Incentive packages are generally considered on a case-by-case basis and are designed to meet the needs those locating or expanding in the City of Perry.
Tax Increment Financing
The City of Perry uses Tax Increment Financing (TIF) by capturing a portion of the increased tax revenue created by improvements that result in new taxable property valuation. The new revenue may be redirected to reduce the cost of infrastructure improvements or as a tax rebate to a business. Please note that TIF has both categorical and geographic requirements; not all projects will qualify.
Interested prospects click here to access the necessary forms and submissions.
Interested prospects click here to access the necessary forms and submissions.
Residential Tax Abatement
The City of Perry has adopted a Residential Tax Abatement program for new construction and rehabs of residential dwelling units.
Tax abatement is provided according to the following scale:
New Construction Improvements
Year 1 100% 100%
Year 2 100% 100%
Year 3 100% 100%
Year 4 100% 100%
Year 5 100% 100%
Year 6 85% exemption period ends
Year 7 60% exemption period ends
Year 8 45% exemption period ends
Year 9 30% exemption period ends
Year 10 15% exemption period ends
Click Here to Learn More About Our Tax Abatement Program.
Tax abatement is provided according to the following scale:
New Construction Improvements
Year 1 100% 100%
Year 2 100% 100%
Year 3 100% 100%
Year 4 100% 100%
Year 5 100% 100%
Year 6 85% exemption period ends
Year 7 60% exemption period ends
Year 8 45% exemption period ends
Year 9 30% exemption period ends
Year 10 15% exemption period ends
Click Here to Learn More About Our Tax Abatement Program.
Industrial Property Tax Exemption
The Industrial Property Tax Exemption incentive provides a phasing-in of the increase in taxable property valuation as a result of a business' investment in Perry. Tax exemption is provided according to the following scale:
Year 1- 75% exemption of additional taxable value
Year 2- 60% exemption of additional taxable value
Year 3- 45% exemption of additional taxable value
Year 4- 30% exemption of additional taxable value
Year 5- 15% exemption of additional taxable value
Year 1- 75% exemption of additional taxable value
Year 2- 60% exemption of additional taxable value
Year 3- 45% exemption of additional taxable value
Year 4- 30% exemption of additional taxable value
Year 5- 15% exemption of additional taxable value
City of Perry Business Revolving Loan Fund
The general intent of the Business Revolving Loan Fund is to help local businesses to maintain and enhance their properties in Perry. The city strives to maintain a vibrant business climate and to insure economic stability in the community along with sustaining the buildings that house Perry’s businesses.
This revolving loan fund provides monies, at a low interest rate, that may be used to fund projects to sustain and/or enhance a building in Perry by a qualified business, and the related costs and expenses as allowed by applicable City ordinances and State statutes.
1. Façade improvements, including windows and doors
2. Complete roof replacement and/or repairs
3. Interior remodel
4. Heating, cooling, and plumbing replacements, extra consideration for green initiatives
5. Mechanical and lighting improvements, extra consideration for green initiatives
6. Extra consideration will be given to projects using local contractors.
This revolving loan fund provides monies, at a low interest rate, that may be used to fund projects to sustain and/or enhance a building in Perry by a qualified business, and the related costs and expenses as allowed by applicable City ordinances and State statutes.
1. Façade improvements, including windows and doors
2. Complete roof replacement and/or repairs
3. Interior remodel
4. Heating, cooling, and plumbing replacements, extra consideration for green initiatives
5. Mechanical and lighting improvements, extra consideration for green initiatives
6. Extra consideration will be given to projects using local contractors.
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Downtown Upper Story Housing Pilot Program
The City of Perry has adopted a pilot program to assist in financing the restoration of downtown upper story dwelling unit
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Minburn Communications Revolving Loan Fund
Supporting rural vitality and making an impact in our community is a core value for Minburn Communications. To support this, the company established a Revolving Loan Fund (RLF) capitalized at $360,000. Through the RLF, Minburn Communications is seeking to improve the quality of life in rural areas by contributing to the long-term improvement of the economy to benefit job creation and retention, diversification, improving the education and skills of the local workforce, and upgrading the public infrastructure to improve the health, safety, and/or medical care of rural residents in Minburn, Woodward, Perry and rural Dallas County.
The $360,000 is comprised of a $30,000 grant from Ripple Effect, a $30,000 match from Minburn Communications and a $300,000 USDA grant. The Revolving Loan Fund gets tis name from the revolving aspect of loan repayment, where the central fund is replenished as individual projects pay back their loans within 10 years, creating the opportunity to issue other loans to new projects.
The minimum RLF loan available from Minburn Communications is $25,000, the maximum is $150,000 and the project must include a minimum of 20% funding from other sources.
Eligible Applicants include any business venture, governmental public body, or non-profit entity involved in a community or economic development project that creates or saves jobs and/or provides needed community facilities that benefit rural areas in the State of Iowa. If you have a qualifying project and meet the eligibility requirements, we encourage you to visit www.minburncomm.com to learn more.
The $360,000 is comprised of a $30,000 grant from Ripple Effect, a $30,000 match from Minburn Communications and a $300,000 USDA grant. The Revolving Loan Fund gets tis name from the revolving aspect of loan repayment, where the central fund is replenished as individual projects pay back their loans within 10 years, creating the opportunity to issue other loans to new projects.
The minimum RLF loan available from Minburn Communications is $25,000, the maximum is $150,000 and the project must include a minimum of 20% funding from other sources.
Eligible Applicants include any business venture, governmental public body, or non-profit entity involved in a community or economic development project that creates or saves jobs and/or provides needed community facilities that benefit rural areas in the State of Iowa. If you have a qualifying project and meet the eligibility requirements, we encourage you to visit www.minburncomm.com to learn more.
Dallas County Revolving Loan Fund
This loan fund is administered by the Greater Dallas County Development Alliance.
This fund provides financial assistance to businesses that plan to make a capital investment to create new job opportunities and/or retain existing jobs in Dallas County.
The assistance is provided in the form of low-interest loans with a maximum award of $50,000 possible.
The fund assistance is provided to encourage new business startups, expansion or retention of existing businesses, or recruitment of out-of-state businesses.
The award amount is based on job creation, quality of employment and the businesses benefit to the local community and county.
For More Information Contact:
Greater Dallas County Development Alliance
Rachel Wacker, Executive Director
515.987.2020
This fund provides financial assistance to businesses that plan to make a capital investment to create new job opportunities and/or retain existing jobs in Dallas County.
The assistance is provided in the form of low-interest loans with a maximum award of $50,000 possible.
The fund assistance is provided to encourage new business startups, expansion or retention of existing businesses, or recruitment of out-of-state businesses.
The award amount is based on job creation, quality of employment and the businesses benefit to the local community and county.
For More Information Contact:
Greater Dallas County Development Alliance
Rachel Wacker, Executive Director
515.987.2020
| Dallas County RLF |
Opportunity Zone
The Tax Cut and Jobs Act of 2017 established a new economic tax incentive called Opportunity Zones. The incentive is designed to encourage long-term, private investments in low-income census tracts by providing a federal tax incentive for taxpayers who reinvest unrealized capital gains into Opportunity Funds, which are then invested into opportunity zones.
Opportunity Funds are specialized tax vehicles dedicated to low-income areas and aimed at spurring investment and entrepreneurialism. Ultimately, that will result in business creation and economic prosperity in areas called Opportunity Zones. The zones must be comprised of Low-Income Community Census Tracts (LIC), designated by governors in every state and territory. Census tracts with a poverty rate of 20 percent or greater and/or family income less than 80 percent of the area’s median income are eligible for consideration.
In Iowa, 25 percent of the state’s LIC’s are eligible to be nominated to the U.S. Department of the Treasury for Opportunity Zone designation. Once designated, tracts remain in place for 10 years.
Opportunity Funds are specialized tax vehicles dedicated to low-income areas and aimed at spurring investment and entrepreneurialism. Ultimately, that will result in business creation and economic prosperity in areas called Opportunity Zones. The zones must be comprised of Low-Income Community Census Tracts (LIC), designated by governors in every state and territory. Census tracts with a poverty rate of 20 percent or greater and/or family income less than 80 percent of the area’s median income are eligible for consideration.
In Iowa, 25 percent of the state’s LIC’s are eligible to be nominated to the U.S. Department of the Treasury for Opportunity Zone designation. Once designated, tracts remain in place for 10 years.
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New Markets Tax Credits
The NMTC Program helps community development organizations attract private sector capital to communities and rural areas where new investment is needed most—low-income and distressed census tracts. The goal of a NMTC award is to fill a financing gap for transformative projects which bring new opportunities to qualifying areas.
Visit www.iowacommunitydevelopment.com for detailed information and completed projects.
Visit www.iowacommunitydevelopment.com for detailed information and completed projects.
| Perry NMTC Map |