(Des Moines, IA) — A new incentive program from the City of Des Moines is designed to address vacant commercial space downtown.
Restore the Core DSM is a $7 million incentive to attract businesses and developers to invest in permanent improvements to street-level vacant commercial spaces in downtown Des Moines. Breann Bye, Economic Development Program Manager with the City of Des Moines describes the program as, “a one-to-one matching reimbursement grant program, which means that private investment is required, and city funds are only paid after eligible work is completed and documented.”
The Des Moines City Council approved the Restore the Core program at its June 8th meeting, and funding for the grants is provided by Metro Center Urban Renewal Area Tax Increment Financing. Properties eligible for the program must be within the Downtown Core Program Boundary and include street-level commercial spaces that have been vacant for at least 24 consecutive months…