The Iowa Economic Development Authority (IEDA) today awarded the Mount Vernon-Lisbon Community Development Group (CDG) a $30,000 challenge grant to be used for an upper story residential remodel on the Right Frame of Mind building, 105 1st St. NW. Twelve other Main Street Iowa communities also received grants.
“The Main Street Iowa Challenge grants have been instrumental in revitalizing Iowa’s historic main streets,” said IEDA and Iowa Finance Authority Director Debi Durham. “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 13 projects is over $3.6 million.
“Each of these projects represents growing momentum for downtown and community revitalization,” said Michael Wagler, state coordinator for the Main Street Iowa program. “This investment in catalytic projects across Iowa will have a significant economic impact and help strengthen local creative placemaking efforts.”
Since the first Challenge Grants were awarded in 2002, approximately $12.8 million in state and federal funds have leveraged nearly $65 million in private investment. Over the life of the program, 206 projects in 56 Main Street Iowa commercial districts across the state have received funding.