(Estherville)– A new program in Estherville looks to provide an incentive to those looking to construct a new commercial building in the city. The city council Monday approved a recommendation from Excel Estherville, which came up with the idea. City Administrator Penny Clayton says it builds off a similar program already available for existing commercial buildings…
“So those projects, the ones that use an existing building, are eligible for up to $10,000 through the Facade Grant Program and $10,000 in Business Property Improvement which basically does interior things to make the building suitable for their business that they’re doing. So they would be eligible for a total of about $20,000 worth of grants. And so the idea would be for new commercial businesses that are going to build a new building, offer them a matching grant program of up to $20,000 from Local Option Sales Tax and kind of level the playing field a little.”
Clayton says that would be in addition to a property tax abatement program already available to those putting up new commercial structures in the city. She says the ultimate goal is to draw new businesses to Estherville…
“But certainly the cost of the investment in a new structure versus the investment in rehabbing an existing structure is quite a bit more substantial and so we just trying to encourage new business growth.”
She adds the program will operate in the same fashion as others, with no payouts being made until after construction is completed.
