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29 Iowa communities receive state grants to revitalize downtowns

April 16, 2019

The Iowa Economic Development Authority (IEDA) has awarded $2.9 million in Catalyst Grant funding to 29 communities across the state.

Each community will receive $100,000 toward a development project, which is paired with matched funds from within the community. The grant money will assist with the redevelopment or rehabilitation of buildings to stimulate economic growth and reinvestment.

Iowa Gov. Kim Reynolds and Lt. Gov. Adam Gregg announced the funding at the 2019 Iowa Rural Development Summit in Grinnell last week.

“Each catalyst project is unique, inspiring different types of growth and development depending on the communities where they’re located,” said Lt. Gov. Gregg, in the announcement. “We appreciate the engagement of local leadership and the combination of public and private investment it takes to make the catalyst projects a reality.”

The Community Catalyst Program was created in 2018 by the IEDA to help create fundamental, positive change in Iowa’s downtowns.

Of the 29 communities awarded during the 2019 application round, 16 have populations of fewer than 1,500. The Community Catalyst Program rules require at least 40 percent of funds be awarded to cities with populations of fewer than 1,500 people.

The Catalyst Grants are awarded annually based on funding availability. In 2018, IEDA awarded $1.8 million in grants to 18 cities.

A full list of the 2019 Community Catalyst Grant recipients and their projects is available here.

29 Iowa communities receive state grants to revitalize downtowns | Clay & Milk

A central Iowa ag-tech accelerator has secured more backers and finally has a name. The Greater Des Moines Partnership first announced the accelerator last year, naming four initial investors. On Monday, the Partnership said the program will be called the "Iowa AgriTech Accelerator" and named three new investors. The new investors include Grinnell Mutual, Kent Corp. and Sukup Manufacturing, all Iowa companies. They join investors Deere & Co., Peoples Co., Farmers Mutual Hail Insurance Co. and DuPont Pioneer. Each investor has agreed to put up $100,000 for the first year of the accelerator. Startups entering the program will receive $40,000 in seed funding in exchange for 6 percent equity. Tej Dhawan, an angel investor and local startup mentor, is serving as interim director until the AgriTech Accelerator names a permanent leader. Dhawan held a similar role with the GIA before Brian Hemesath was named as managing director. As interim director, Dhawan said his main job includes hiring the accelerator's executive director, establishing a business structure and initial recruiting for the first cohort. The accelerator will place few filters, such as location and product, on the applicant pool, Dhawan said. "When you’re seeking innovation, innovation can come from every corner of the world so why restrict ourselves," he said. One area the the AgriTech Accelerator won't recruit from is biotech. For its first cohort, the AgriTech Accelerator will work out of the GIA's space in Des Moines' East Village, Dhawan said. A future, permanent home is still to be decided. The accelerator's program will host startups from mid-July through mid-October, ending with an event connected to the annual World Food Prize. The GIA, which the AgriTech Accelerator is based on, also ends with presentations at an industry event. The accelerator has also started lining up a mentor pool. The Iowa Corn Growers Association, Iowa Soybean Association and the Iowa Pork Producers Association have agreed to provide mentors, as has Iowa State University. While the AgriTech Accelerator is loosely based off of the GIA, it will differ in its business structure, Dhawan said. The GIA runs through a for-profit model for both operations and its investment fund. The AgriTech Accelerator will have a nonprofit model for its operations and a for-profit setup for its fund. Dhawan said the nonprofit model is being used so the accelerator can better work with other nonprofit partners, such as trade associations. "These are all organizations that are nonprofits and can be amazing stakeholders without ever having to be investors in the accelerator," he said. "It becomes easier to work with trade associations in their nonprofit role when we are also a nonprofit." When it's up and running, the AgriTech Accelerator would be one of a handful of ag-focused startup development programs in Iowa. Others include the Ag Startup Engine out of Iowa State University and the Rural Ventures Alliance from Iowa MicroLoan. Matthew Patane is the managing editor and co-founder of Clay & Milk. Send him an email at mpatane@clayandmilk.com.

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