2017 Spencer Comprehensive Land Use Plan

Spencer, Iowa  2017  Comprehensive Plan

housing unit less than $200,000. An additional $2,500 grant is eligible if the applicant finances their loan through one of the participating local lenders. 5. Tax Abatement - A local tax abatement program for residential properties allows for an exemption from taxation on the first $75,000 of valuation for five (5) years. All properties assessed as multiple family, commercial or industrial are eligible to receive a 100% tax abatement for a period of years for the actual value added by new construction or improvements to existing structures.

Figure 33 – Spencer TIF Districts Boundaries Map

6. Tax Increment Financing (TIF) - City councils or boards of supervisors may use the property taxes resulting from the increase in taxable valuation caused by the construction of new industrial or commercial facilities to provide economic development incentives to a business. Currently, the City of Spencer has an original TIF district established with several amendments with no expiration date or sunset. In addition to the city’s original TIF district, the city also has six (6) additional site or project specific TIF districts in which tax benefits under Iowa urban renewal laws are offered to qualifying businesses or developments. One of Spencer’s TIF districts, District No. 6, recently expired. This TIF district was originally created for and successfully resulted in a housing development along Country Club Lane between West 4 th Street and the railroad tracks. 7. NWIPDC Regional Loan Fund (NW Iowa) - The NW Iowa Planning and Development Commission offers low interest loans at interest rates below prime for new and expanding businesses.

Spencer TIF Districts Boundaries

8. Small Business Development Center (SBDC) Iowa (At Iowa Lakes Community College) – The northwest Iowa SBDC Center has positioned itself as an integral part of the efforts and activities of economic development assistance in northwest Iowa. Primary services provided includes business counseling and specialized business start-up workshops.

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NW Iowa Planning & Development