For Businesses
Downtown Revitalization Incentive Support Program Application
The primary objective of the Downtown Revitalization Incentive Support Program is to revitalize the Town Square District by preserving and restoring the existing buildings. The purpose of the Downtown Revitalization Incentive Support program is to promote economic development within the City’s Urban Renewal #2 District by providing financial incentives to encourage common design standards for the CTS District.
Polk City will fund the Downtown Revitalization Incentive Support program using Tax Increment Financing (TIF) from the City’s Urban Renewal District. From July 1, 2024-June 30, 2029, the City of Polk City will have approximately $250,000 available for this program. The City Council may choose to increase that amount during the programs course. The city will program for $50,000 annually, beginning July 1st of each year, however, may offer a lower or higher amount depending on applications received.
To participate in the program, all design standards must be met first. The City of Polk City will not award projects where the building codes or downtown design standards are not being proposed. The City of Polk City will only consider businesses located in the downtown CTS District. Applicants that are not required by law to pay property taxes on the proposed building project are ineligible for participation in the program (I. E. Nonprofit organizations and government organizations). Applicants must also own the proposed project building. The city will not consider applications from renters or those that lease space.
Interested applicants will be required to match their request for funding at a 1:1 ratio. The match must be a cash match. The grant can be up to 50% of the total project cost, with a project cost of up to $100,000. For example, if the total project cost is $100,000, the grant could be as much as $50,000. The grant will not exceed 50 percent of the total project cost.