Brush Dump will close Thursday 23 possibly thru March 1st!!!

How to Apply

Downtown Redevelopment Program guidelines and application

Program Intent

$100,000 total funds available for B-1 Zoned (downtown business district) properties only.

Stewartville’s Economic Development Authority (EDA) was established to attract, promote, and develop an economically sound future for the community. The EDA is a professional advocate for the business community. We provide ideas, information, venture capital, financial packaging, and expertise in business development and retention, focusing on projects that aim to make Stewartville a better place to live, work, and do business.

In keeping with the above stated objective, the EDA established this program with the intent, To encourage property owners to redevelop underutilized or blighted properties in the core downtown business district by providing funds for demolition, site clean-up, and site prep.

Forgivable Loan

Up to $25,000

Match Requirement

1:1; match can include costs of construction if included in the application.

Terms

Applicants have 120 days from approval to complete approved demolition/site cleanup/etc… and claim funds or to ask and receive an extension from the EDA, or their project funding will be withdrawn and given to the next project.

If no increase in tax base occurs on the property within 2 years of approval, full principal amount is due back to the EDA in monthly payments, at a rate no less than the then current EDA loan interest rate, at a term not to exceed 10 years.

If the property is sold within 2 years of approval, the principal amount is immediately due in full to the EDA.

If the property is sold after 3 years of approval, the principal amount is immediately due as follows: sold in year 3, repay 100%; sold in year 4, repay 66%; sold in year 5, 33%; sold after 5 years, no repayment.

Eligible Projects

  • Demolition/removal of all or some major manmade structures
  • Asbestos & environmental abatement
  • Grading, fill, rock, dirt, and similar site prep materials
  • Issues with site access or configuration