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The Iowa Economic Development Authority (IEDA) today awarded Newton Main Street a $75,000 grant for the 115 West 2nd St South, Goldfinch Growth project. Natalie Umsted and Bryan Friedman of Goldfinch Growth, Graham Sullivan, Director of Newton Main Street, Amanda Price, Director of the Newton Chamber of Commerce, Danielle Rogers, Erin Chambers and Craig Armstrong from the City of Newton, and Bri Dennison, Congressman Loebsack’s District Representative, represented Newton Main Street at the event. Twelve other Main Street Iowa communities also received grants.
“The Main Street Iowa Challenge grants have proven to be catalysts for the revitalization of Iowa’s historic main streets,” said IEDA Director Debi Durham. “These projects demonstrate the ongoing commitment the people of our state have to keep our downtowns vibrant, which helps attract new visitors, residents, and businesses.”
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 $8.7 million.
“Each project must provide at least a dollar-for-dollar cash-match,” said Michael Wagler, state coordinator for the Main Street Iowa program. “In total, these projects will actually leverage more than nine times the state’s investment into bricks and mortar rehabilitation that will have a significant economic impact within each district.”
The Challenge Grant program is funded through an appropriation from the Iowa Legislature. Since the first appropriation in 2002, approximately $9.6 million in state and federal funds have leveraged more than $57 million in private investment. Over the life of the program, 165 projects in 53 Main Street Iowa commercial districts across the state have received funding.