MARSHALLTOWN, Iowa (KCRG) - Two state financing agencies in Iowa will be providing additional funding toward recovery efforts following last July's tornado in Marshalltown, officials said Wednesday.
Damage in downtown Marshalltown following a EF-3 tornado that struck the town on July 19, 2018. (Source: Dan Runner)
The Iowa Economic Development Authority and the Iowa Finance Authority said they would combine to fund another $2 million in disaster relief aid for Marshalltown's downtown district. The funding is available to both commercial and residential properties. It is intended to be used for redevelopment, rehabilitation, or demolition of buildings and to broadly support the rebuilding of the city's downtown area.
"A Main Street district is the heart of a community like Marshalltown – both economically and in spirit," Debi Durham, director of both agencies, said, in a statement. "We’re happy to partner with local leaders and building owners to rehabilitate Marshalltown and position the community’s central business district for future growth."
$1 million of the funding comes from the Community Catalyst Building Remediation Program, which provides funding, starting at $25,000, to building owners. The money can be used to help cover costs that insurance policies fall short of providing.
The other $1 million is through the Main Street Mortgage Loan Program. Through this, the Iowa Finance Authority makes low interest loans available to business owners in order to rehabilitate residential and commercial properties. The loans can be between $50,000 and $250,000.
"This funding will help Marshalltown not only rebuild but renew its downtown district," Durham said. "Since the storm, our goal has been to provide the resources and support necessary to set long-term solutions in place, so Main Street can return to its role at the center of the community and will be around for future generations to enjoy."
A strong EF-3 tornado with maximum estimated winds of 144 m.p.h. tore through the town on July 19, 2018, causing significant damage along a nearly 9 mile path. The downtown business district along Main Street was particularly hard-hit.
The two state agencies have already provided $3 million in various funding programs to Marshalltown disaster relief efforts.