City Halts Downtown Incentive Fund

Posted on 10 October 2013 by KWBG

BOONE, Iowa—The Boone City Council’s Downtown Incentive Fund has been depleted.   The Council’s Economic Development Committee has been steering the fund for the past couple of months, beginning with a $100,000 allocation.  They quickly went back to the full Council and sought an additional $50,000.  The current estimate is that the Committee has proposed support in the amount of $150,615 which includes the two most recent requests from West Boone, Farley Wholesale Tire and Boone Laundromat.  The project for Boone Laundromat has not yet received final Committee approval.

City Administrator Luke Nelson released some of the data for the program.  Not all the projects are moving ahead.  Those that have been completed and have received reimbursement include Duncan Heating and Plumbing, $6,932 on a project that cost over $17,000;  Boone Hardware, $30,000 for an $87,380 improvement;  J&H Apartments, $6,794 for a nearly $17,000 project; Holly’s a $30,000 reimbursement for a $154,027 improvement and Rich Lange, $3,732 for a $9,330 project.  The City has actually reimbursed $77,458 so far.  Improvements totaled more than $285,000.

Nelson says the city will not be accepting any additional applications for the time being.

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Boone Municipal, IA

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