Burlington Area Development Fund
The City of Burlington, the City of West Burlington, Des Moines County and Grow Greater Burlington, Inc. cooperate to provide a job and wage driven incentive program for businesses and industries creating capital investment and adding jobs in Flint Ridge Business Park.
Businesses eligible for this local incentive fund, and given priority, are for-profit businesses that are: 1) manufacturing; 2) warehouse/distribution centers; 3) teleservices; 4) corporate headquarters; 5) transportation; or 6) financial services that meet the following criteria:
- Investing a minimum of $650,000 in new real property in Flint Ridge Business Park
- Creating a minimum of 5 new full-time equivalent (FTE) jobs within 24 months and maintaining them for a minimum of 36 months
- Pays an hourly wage equal to at least 85% of the average county wage for Des Moines County
- Existing companies in the Burlington/West Burlington area that expand into Flint Ridge Business Park must stay current on property taxes for a facility that is vacated for a period of time equal to the remaining term of the tax increment financing (TIF) district.
Type of Assistance
The form of assistance may be a forgivable loan, an interest rate buy-down, or land. All incentives will be secured contractually in the form of a loan agreement. The loan will be will called if the company does not meet the performance targets.