Economic Development

Save the Date: September 1 to be Mississippi Drive Corridor Project Kick-off

Posted on by Gregg Mandsager

City of Muscatine

Save September 1 and plan to attend a kick-off event for the Mississippi Drive Corridor Project. The event will be held at the Muscatine Riverfront, with specific location and time information to be released soon.

What is the Mississippi Drive Corridor Project?

It is a proposal for reconstructing the 1.6 miles of U.S. 61-Business (pavement and curb/gutter). It also includes street lighting, landscaping, gateway features, pedestrian crossings, sidewalk improvements, traffic signals, geometric improvements, storm drainage improvements, and road embankment work intended to improve flood protection. The work will focus on four distinct areas adjoining Muscatine’s Central Business District.  The improvement segments include the HNI Campus Area, Downtown Area, High Sidewalk (Bluff) Area and the Carver Corner Area.

The City of Muscatine plans for this project to meet the objectives of Muscatine’s complete street policy by improving both Muscatine’s quality of life and image. This project will provide a safe and attractive environment for street users of…

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Muscatine Small Business Forgivable Loan Program

Posted on by Gregg Mandsager

Muscatine’s Small Business Forgivable Loan Program

Ready for you small business to take off?

The City of Muscatine is offering Small Business Forgivable Loans for startup and expansion cost. Businesses can obtain a loan for up to $25,000 for the business at a term of 5 years with 20% of the original loan forgiven annually at the anniversary of the origination of the loan. Funds are allocated up to $15,000 for startup cost and up to $10,000 for code compliance. Businesses receiving funding must be new businesses or be significantly expanding business operations to be eligible. Applicant must meet 1:1 (applicant investment v. grant funding) (may be waived in whole or in part by the City Administrator upon recommendation of the committee). Inventory is not an eligible grant funded expense but does count toward match. The City has allocated $100,000 in funding annually.  Funds will be awarded to qualifying businesses based on availability of funds.  This is a great example of Tax Increment Financing (TIF) at work in our community!

Purpose:  Promote in-fill and redevelopment in targeted areas throughout Muscatine.

Objective:
– Improve Building Infrastructure
– Assist with Capital Equipment Purchases
– Offset Cost of Historic Building Preservation
– Offset Cost to Address ADA Access Issues
– Offset Cost of Fire Code Compliance, Sprinkler Systems, Egress Issues
– Allow Businesses to Allocate Additional Funds to Grow and Expand Business

Program Documents

Application Packet – Small Business Forgivable Loan
Summary
Application
Project Budget Sheet
Sample Agreement
Small Business Forgivable Loan Documents
Downtown Small Business Forgivable Loan District
Park Avenue Small Business Forgivable Loan District
Grandview Small Business Forgivable Loan District

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Supporting small business and downtown revitalization in Muscatine!

For more information:  http://www.muscatineiowa.gov/923/Small-Business-Forgivable-Loan-Program

Here is a summary of forgivable loans to date:

Awards to date:
Home Run Hitters, Baseball & softball pro shop addition, $ 25,000.00
Big River Guns, Gun smithing and firearm sales, $ 16,000.00
Sign Pro, Building improvements and 3D printing, $ 15,000.00
Well Fit Nutrition Bar, Nutritional drinks, product sales and oxygen bar, $ 9,800.00
Rose Bowl, Arcade and laser maze addition to bowling ally, $ 22,350.00
In Process:
Sal Vitale’s Pizzeria, New pizza and pasta restaurant $ 11,850.00
Total $ 100,000.00

Muscatine Building Improvements Loan Program

Posted on by Gregg Mandsager

The City of Muscatine and three local banks, Central State Bank, First National Bank of Muscatine, and Community Bank and Trust, have partnered to launch a new loan program to assist property owners in Muscatine’s downtown to make improvements to their buildings and properties.

The program was born out of the need to stretch grant dollars for a specific downtown project so it could design, construct or upgrade the rear sides of a select few downtown buildings to take advantage of riverfront views that exist.

The local banks are committed to the City of Muscatine’s downtown and have set aside $1,000,000 for this loan program.

Property owners will first work with City of Muscatine staff to detail the improvements to be completed with a building improvement plan. With the City’s approval, applicants can approach the three lending institutions to secure funds for their improvement project. Loans will receive a fixed rate at 1% below prime for the first three years with a variable adjustable rate thereafter for a term no longer than 10 years. The initial district for these loans will run 12 City blocks. The loans will be a minimum of $5,000, and borrowers will still be subject to the banks normal credit standards.

Most improvements are eligible; however, there are some improvements that are ineligible such as no signage, inventory or modifications that take away from the historic character of the property and historic district.

Information and Documents:

Building Improvements Loan Program Documents
Application – Building Improvements Loan Program

For more information and a copy of the district map, please follow this link:  http://www.muscatineiowa.gov/924/Building-Improvements-Loan-Program 

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Let’s continue to make downtown Muscatine a great place to live, work and play!