2025 Challenge Grant Phase 1 Application

2025 Challenge Grant Phase 1 Application
Thank you for your interest in the 2025 Main Street Iowa Challenge Grant. The Main Street Iowa Challenge Grant is a grant program provided by Main Street Iowa (MSI) and the Iowa Economic Development Authority (IEDA) for brick-and-mortar building projects. This 1:1 matching grant is for vertical infrastructure projects that contribute to the development of designated Main Street districts. Highly competitive applications include:
- Comprehensive building rehabilitation projects that provide increased business, housing or job opportunities.
- Projects that incorporate quality design and preservation-based strategies.
- Projects that support local revitalization efforts and stimulate additional district investment.
- Projects that are well planned and achievable within the two-year contract period.
Applicants may request funding for eligible one-time project expenses incurred and expended within the eligible funding period.
- 2024 Minimum Grant Request: $25,000
- 2024 Maximum Grant Request: $100,000
Main Street Waterloo is only able to submit one application from our district, so we are asking interested business/property owners to complete this application. Main Street Waterloo will review all applications and determine which one to move forward with. We will be looking at:
- Is the applicant eligible based on the Main Street Iowa Guidelines?
- Is the project eligible based on the Main Street Iowa Guidelines?
- Is the application complete?
- Is all information requested provided?
- Is the business/property owner in good standing with the City?
- Does the project meet rehab/construction standards set forth by Main Street Iowa?
If selected, a representative for the project will work with Main Street Waterloo to complete the full application. The final application will be reviewed by Main Street Iowa and Iowa Economic Development Authority and make awards based on information provided in the grant application. Projects will be scored and ranked according to the scoring criteria outlined in the application.

Phase 1 is due to Main Street Waterloo by June 30, 2025 at 5pm. Main Street Waterloo will review applications and announce which project we are moving forward with early August 2025.

Timeline:
- Phase 1 application closes June 30th, 2025 at 5pm
- Phase 1 applicants notified mid July 2025
- Weekly meetings or phone calls to ensure application is complete
- Challenge Grant application due September 2025
- Challenge Grant award announcement October 2025

Business Information
Business Name*
Building Name
Name*

First NameLast Name
Email*
example@example.com
Phone Number*
Please enter a valid phone number.
Business Address*

Street Address

Street Address Line 2

CityState / Province

Postal / Zip Code
Is this an eligible project:*

Building Rehabilitation and/or restorationNew construction that is compatible with existing historic buildingsMultiple properties with a common need, or issue committed to a mutually agreed upon improvementOther

Project Concept
Summarize the scope and nature of the proposed project*
Why is this project a good fit for the Main Street Iowa Challenge Grant?*
Describe the proposed project*
What impact will this project have on local revitalization efforts?*
Describe the project planning and readiness? (i.e. budget developed, quotes obtained, plans developed, financing arranged, when could construction start if funds are awarded)*

Building Information
Property Owner Name*

First NameLast Name
Describe the significance and character of the building and its current physical condition.*
Describe the historic appropriateness of rehabilitation, including materials, techniques, and conformance with preservation standards.*
Has a Challenge Grant application previously been submitted for this property?*
If you have applied for this property previously, was it funded?
If funded, what amount was received?
If funded, is the project complete?
Describe the property owners community involvement, involvement/knowledge of Main Street Waterloo, length of time in the community.*
Square footage*
Current use*
If vacant, for how long?
If residential or mixed use, how many residential units?
Proposed new use for the space*
Projected project completion date*

MonthDayYear
Date
Is this a registered historic property?*
Will this project use Historic Tax Credits?*
If using Historic Tax Credits, has Phase 1 of the application been submitted?
Date Phase 1 application for Historic Tax Credits was submitted

MonthDayYear
Date
If using Historic Tax Credits, has Phase 2 of the application been submitted?
Will this project receive any other Federal Funding?*

Financial Information
Will you be able to provide the required 1:1 match for the grant?*
Describe how the project meets an identified local market need.*
Describe the partnerships involved in the project, including city roles and other groups or partnerships.*
Describe the sustainability components of the project.*
Describe how this project will stimulate additional investment in downtown Waterloo.*
Describe how this project will improve the local downtown economy, i.e. jobs, business growth, residences, additional goods/services.*
Upload a detailed budget for the project*

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Upload renderings of the project*

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Signature*

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Date*

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Date
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2025 Challenge Grant Phase 1 Application

Business Information

Project Concept

Building Information

Financial Information