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Marion and Mount Vernon were two of 14 Iowa communities to receive Main Street Iowa Challenge Grants from the Iowa Economic Development Authority on Thursday.
Overall, $925,000 was awarded. Marion and Mount Vernon each received $75,000 awards to go toward building rehabilitation costs, according to an IEDA news release.
Marion's grant will be used for rehabbing an uptown building at 743 10th St., on the corner of 10th St and Seventh Ave. Mount Vernon's award will go toward a total building rehab for Mount Vernon Family Counseling.
The grants are administered through IDEA's Iowa Downtown Resource Center and Main Street Iowa programs. The funding will be distributed in the form of the matching grants to the selected Main Street programs, according to the release.
The total cost of Marion's rehabilitation project is $204,000 according to an IEDA spreadsheet. Mount Vernon's project cost is $162,613.49.
'Each project must provide at least a dollar-for-dollar cash-match,” Main Street Iowa State Coordinator Michael Wagler said in the release.
'In those, these projects will actually leverage significantly more than the state's investment into bricks-and-mortar rehabilitation.”
Other towns that were awarded grants include Ames, Avoca, Burlington, Centerville, Coon Rapids, Hampton, Jefferson, Jewell, Marshalltown, Nevada, Ottumwa and West Branch.
Since the first Challenge Grants were initially awarded in 2002, more than $11 million in state and federal funds have leveraged more than $59 million in private investment according to the release.
Since the start of the program, 193 projects around the state have received funding.
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