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 certain eligible and industries making local capital investments and creating jobs in Flint Ridge Business Park.
To be eligible for this local economic development incentive fund businesses must be for-profit and classified as: 1) manufacturing; 2) warehouse/distribution centers; 3) teleservices; 4) corporate headquarters; 5) transportation; or 6) financial services.
They must also be:
- 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.
- Paying 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.
All incentives are subject to negotiation and local approval.
Form of Incentive
The incentive may be in the form of 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.