There are financial resources for commercial, industrial and residential development in the Panora and Lake Panorama area. Midwest Partnership provides some great information on economic development assistance for our region. You can access it here. Additional information is available below regarding local financial resources.
PRIDE Revolving Loan Fund
PRIDE administers a revolving loan fund. The fund was established by the community spirit of the Panora & Lake Panorama Area Economic Development group, the City of Panora, the Guthrie County Community Foundation, and the USDA Rural Development Agency for the purpose of improving our downtown/main street façades, improving property values, improving business profitability and retaining jobs.
In order to be eligible for the program, applicants must be the owner of real estate within the delineated Historic Downtown Business Commercial District or a small business start up located in the Historic Downtown Business Commercial District or a Panora commercial or arterial commercial district, have a good credit history and be willing to meet liberal qualifications of a loan.
The stated purpose of the PRIDE RLF is to encourage and assist business property owners in renovation and improvement of storefronts and/or backsides of those designated properties in the downtown, commercial or arterial commercial areas of our city.
The terms of the RLF include an interest rate of 3.00% per annum, up to 10 years repayment schedule, and in amounts necessary to make the project viable. Complete a simple questionnaire, provide requested financial information, and if necessary, provide collateral for the loan. The proposed property improvement must meet any applicable building codes per any governmental rules and regulations. The loan may be used as required matches for any other local, state or federal funding sources.
City of Panora Development Resources
Commercial Development: There are resources available for development in Panora. The City primarily uses property tax-based financial assistance to support development in the community. Incentive packages for commercial development are considered on a case-by-case basis by the City and are designed to take into account job creation and investment within the community. The City administers these financial assistance programs. To learn more, visit the City of Panora for more information.
Industrial Development: The City has adopted the State of Iowa’s industrial property tax abatement program for qualifying new construction of industrial real estate, research-service facilities, warehouses and distribution centers. The Industrial Property Tax Abatement gives a partial exemption from taxation for a period of five (5) years. The City of Panora administers the industrial property tax abatement programs. To learn more, visit the City of Panora website for more information.
Residential Development: The City of Panora is actively working to improve and expand the housing stock in the community. Some efforts have focused on housing rehabilitation through a partnership with the Region XII Council of Government through a Community Development Block Gran program; where as, other strategies have focused on incentivizing new home construction. The City participates in the Rural Housing 360 program.
There are resources available for residential construction in Panora. The City of Panora administers the residential abatement programs. Visit the City of Panora website for more information.
Historic Downtown Business Commercial District Rebate Program
Panora offers a rebate program for Historic Downtown Business Commercial District façade improvements. Participants in the program will receive a rebate of improvement costs on downtown business property. The rebate consists of 25% of validated costs for façade improvements – not less than $1,000 nor more than $10,000.
In order to be eligible for the program, the applicant must be the owner of the real estate being improved, be within the Historic Downtown Business Commercial District and meet City of Panora design guidelines.
The rebate is awarded upon completion of the project provided that the applicant has submitted an itemized list of expenses incurred, certified by the Panora City Administrator, the Panora Downtown Enhancement Committee, and the Panora City Council. Contact the City of Panora for more information on qualifying buildings and how to apply.