Community Tax Incentives

Hartley

Tax Incentives:
Commercial City Wide Tax Abatement Program
Enterprise Zone district established in Hartley Industrial Park

New construction or renovations (two options)
Option #1   3 years 100% tax abatement
Option #2   10 year slide:

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1st year = 80%
2nd year = 70%
3rd year = 60%
4th year = 50%
5th year = 40%
6th year = 40%
7th year = 30%
8th year = 20%
9th year = 20%
10th year = 20%
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Industrial Park Tax Abatement Program (located in Tax Increment Financing District
Five Year Tax Abatement Program

__________

1st year = 75%
2nd year = 60%
3rd year = 45%
4th year = 30%
5th year = 15%
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Paullina

Tax Incentives:
Paullina offers no tax incentives, however such a possibility may be negotiable with the City Council.

Primghar

Tax Incentives:
The Primghar City Council and Primghar Advancement Corporation have a very strong relationship and are eager to assist businesses and industries by offering various incentives.

Sanborn

Tax Incentives:
Negotiable with the city council

The City of Sanborn may offer financial assistance to new or expanding businesses in the amounts determined by the City and when deemed necessary. Said assistance shall be made in accordance with all applicable laws of the State of Iowa. All financing methods and provisions shall be structured and approved by a contractual agreement between the developer and the City of Sanborn. Said agreement shall be executed before the release of any committed assets.

Sheldon

Incentives:
SCDC Revolving Loan Fund-

A loan pool of $1,000,000 is available to fund new or existing projects ranging from industrial to retail in nature. The projects must enhance local economic development and the activity must not be eligible for conventional credit without the assistance of this loan. The proposed business must be located within 5 miles of the city limits of Sheldon, Iowa. Loan funds must be matched with private resources of no less and 1/3 of the total project cost. Applications are reviewed for eligibility by the Revolving Loan Program Committee. Loan amounts and interest rate are also determined by the committee.

Intermediary Re-lending Program-

A loan pool of $375,000 is available to provide loans to new or existing businesses for the creation or retention of jobs. Applicants must be unable to get credit from private or conventional sources. Funds may not be used to finance more than 75% of a project or exceed $150,000, whichever is lower. Applicants are reviewed by the Re-lending Program Committee and Farmers Home Administration.

Sioux County Revolving Loan Fund-

A loan pool that can provide financing of up to 30% of a project of $100,000, whichever is lower. Maximum participation will be $5,000 for every job created within two years. Interest rates depend on the term of the loan. The maximum term of the loans are 10 years. Participation is limited to commercial or industrial projects. Projects must be located in Sioux County.

Industrial Property Tax Exemption-

The City of Sheldon offers to exempt from property taxation the actual value added to industrial real estate by new construction, and the acquisition of, or improvement to, machinery and equipment assessed as real estate. The following exemption schedule is applied in such cases:
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Year #1: 75%
Year #2: 60%
Year #3: 45%
Year #4: 30%
Year #5: 15%
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Tax Increment Financing (TIF)-

The City of Sheldon has created Urban Renewal Districts in which to focus public improvements related to the private development of real estate. The incremental value in property tax revenues generated can be utilized to finance such projects as public parking, street improvements, extension of utilities, and site preparation. Application is made to the City Council for approval.

Sutherland

Tax Incentives:
Enterprise Zone district established in the Sutherland Industrial Park
Tax incentives are negotiable with the Sutherland City Council.

Sutherland has two Tax Increment Financing (TIF) Districts:
1) Industrial Park
2) Housing Edition

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