Marion is your partner in business growth
MEDCO teams with the City of Marion and other regional partners to establish, implement, and offer local incentive programs for business development in our community.
Tax Increment Financing is the most versatile and common form of financial assistance that is available to companies looking to expand or build a facility in our community. TIF is available to businesses that both qualify for the program and generate new property taxes through either new construction or substantial renovation of their current facility. New property taxes created through capital investment are rebated back to your company over an agreed upon period of time.
Marion, IA has a strong track record of collaborating and partnering with businesses that make significant investments in our local economy. The City of Marion utilizes the following Economic Development policy to guide decisions that best support our local business community with fiscally responsible public assistance.
MEDCO and the City of Marion recognize that upfront capital cost, particularly land acquisition, is a major hurdle for companies to clear. We have developed a financing program to limit cost and provide companies land, or 'instant equity', at little to no cost.
This program allows companies building a new facility to acquire a site and get a free & clear title to property. This land is then able to be leveraged to secure further private project financing. This project is reserved for larger development projects, typically four acres in size or larger, and must first qualify for Tax Increment Financing support from the City of Marion.
Contact Us to learn more about the program and how we can expedite your project timeline and increase your equity while drastically reducing project cost.
Our utility partners, Alliant Energy and MidAmerican Energy, offer great rebate programs that offer significant savings for business owners. Follow the links below to learn more about the program and if your business or project qualify.
There are a number of locally controlled low interest revolving loan funds that are available to companies looking for the final piece of gap financing for an expansion project or equipment acquisition.
The Marion Economic Development Corporation exists to create an exceptional business environment for companies to compete and thrive. We offer a revolving loan fund to provide supplemental support for new or expanding businesses located in the City of Marion engaged in the manufacturing or service industry. If you are interested in the program, please review the documents below. You are also encouraged to contact MEDCO directly by calling 319-743-4724.
The Central Iowa Power Cooperative (CIPCO) created the Community and Economic Development Revolving Loan Fund to improve the quality of life in our member cooperatives rural areas by contributing to long-term improvement in the local economy. More information is available here.
The City of Marion and Marion Chamber of Commerce Revolving Loan Fund (RLF) was established in 2015 to provide assistance to small businesses, located within the City boundaries, looking to start-up and/or expand. the RLF will help support a diversified economy that includes small, locally owned businesses in retail, office, services, nonprofit, and food markets. Dollars are intended to complement other State and Federal economic loan programs.
Additional information and applications can be found here.
The ECICOG RLF is a loan pool established by the East Central Iowa Council of Governments to assist new and existing businesses within our six county region develop and expand. Funds are used in conjunction with local lenders to serve as gap financing for proposals, in which the lender serves as the primary source of funding. More information is available here.
Companies with qualifying new and expanded building investments in the City of Marion may qualify for the State of Iowa's industrial property tax exemption program. Actual value that is added to industrial real estate may be eligible for a partial exemption from real estate taxes graduated over a period of five years.