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Posted on: July 23, 2020

Workforce Housing Tax Credits Awarded

The Iowa Economic Development Authority has announced the award of $1 million in Workforce Housing Tax Credits to Merge Urban Development for a project to be located at 1020 Main Street in Grinnell. This cooperative project with Grinnell College and the city of Grinnell will add 53 market rate apartment units to the downtown and 5,643 square feet of new commercial space. The project is located in Grinnell’s Opportunity Zone and Grinnell’s Iowa Reinvestment Act District. The latter allows the city of Grinnell to capture the State’s share of any sales tax generated from new businesses that locate in this new building. The city of Grinnell and Merge Urban Development are in the process of completing a development agreement that will detail possible tax incentives and developer requirements. It is expected that construction of the new building will begin in summer 2021.

1020 Main Street - Merge Urban Development project

Iowa Economic Development Authority Media Summary
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