United Group Insurance

Avoca is among 14 Communities Receive $925,000 In Main Street Iowa Challenge Grants 

News

October 15th, 2020 by Ric Hanson

October 15, 2020 (DES MOINES) — The Iowa Economic Development Authority (IEDA) virtually awarded $925,000 in Main Street Iowa Challenge Grants to 14 communities around the state Thursday afternoon. The grants will benefit local improvement projects, including total building rehabilitations, upper story housing renovations and façade restorations. Among the projects is The Edward Carroll Building in Avoca.
IEDAAvoca Main Street is the applicant for the funds. The organization was granted $75,000, which combined with a $314,500 local match, will serve to totally rehabilitate the structure and make an addition to the rear.
In Coon Rapids, the Main Street Coon Rapids Corporation is also receiving a grant of $75,000, to rehab and expand the Hardware Hank Building.  Iowa Finance Authority Executive Director Debi Durham said “The Main Street Iowa Challenge grants have been instrumental in revitalizing Iowa’s historic main streets. Reinvesting in our traditional commercial districts is good business. It’s good for our economy and good for our state. These projects will bring new businesses and new residents to our downtown districts.”
The grants are administered through IEDA’s Iowa Downtown Resource Center and Main Street Iowa programs. The funding will be distributed in the form of matching grants to the selected Main Street programs. The estimated total project cost of these 14 projects is over $3.2 million. 
Michael Wagler, state coordinator for the Main Street Iowa Program, says “Each project must provide at least a dollar-for-dollar cash-match. In total, these projects will actually leverage significantly more than the State’s investment into bricks and mortar rehabilitation. This investment will have a significant economic impact within each district.”
Since the first Challenge Grants were awarded in 2002, approximately $11.6 million in state and federal funds have leveraged more than $59 million in private investment. Over the life of the program, 193 projects in 56 Main Street Iowa commercial districts across the state have received funding.