Community
Economic Betterment Account (CEBA)
The Community Economic Betterment Account program can provide financial
assistance to businesses which require assistance in order to create new
job opportunities or retain existing jobs which are in jeopardy. Assistance
may be provided to encourage new business start-ups, expansion of existing
business, or the recruitment of out-of-state business into Iowa.
The City of Council Bluffs applies on behalf of the business that
is expanding. Projects eligible for CEBA funding include, but are not limited
to, the following: building construction or reconstruction, acquisition
of land, equipment purchases, operating and maintenance expenses, and site
preparation.
These funds are customarily divided between forgivable loans, low
interest loans and no-interest loans. The Chambers experience has been
that awards have been about $2,000 per job, with 70 percent or more forgivable
and 30 percent in no-interest loans paid back over five years.
New Jobs Tax Credit
Business entering into an agreement under the state’s training program
and which increase their work force by at least 10 percent, may qualify
for this credit to their Iowa corporate income tax. Their credit is equal
to 6 percent of the state unemployment insurance taxable wage base. The
credit for 1996 is $882 per employee. The tax credit can be carried forward
up to 10 years.
Tax Abatement
Qualify for local option five-year partial property tax exemption
for improvements made to real property, including industrial and research
service facilities. 75% year one, 60% year two, 45% year three, 30% year
four and 15% year five. Additional abatement is available in designated
urban revitalization areas.
Industrial Revenue Bonds
The City can issue bonds for some economic development projects.
The bonds are normally issued at a lower interest rate than might otherwise
be available to the business.
Tax Increment Financing
The City has designated areas that your business could be eligible
for public improvement financing that uses the additional, or incremental
taxes that the project will generate to help finance the cost of the project.
Pottawattamie County Development Corporation
The Pottawattamie County Development Corporation is a nonprofit division
of the Chamber of Commerce that can provide creative financial assistance
to your business.
Please e-mail Matt Buchanan for more information on these and other incentives.
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