The Urban Revitalization Program is allowed by Iowa Code and authorized under an ordinance adopted by the Storm Lake City Council in April 2005. In March and April 2014 the City Council will take up action to adopt an amendment to the 2005 plan that will make changes to the plan and the way it is administrated.
This web page explains the details of the full plan plus the amendment adopted in 2014. Copies of both the original plan and the amendment are available on our web page and attached to this page in the Quick Links section of this page.
The program is an incentive for redevelopment and new development within the City of Storm Lake. In order to receive the abatement the property owner and development or redevelopment, whichever the case may be, must meet the qualifications of the program to receive the abatement.
General Program Qualifications
The following qualifications must be met by the property owner in order to be eligible for Tax Abatement:
Must add value to the parcel in the amount of at least 20% of the current value
The improvements must be done in accordance with the applicable State and local laws including the obtaining of a building permit
The property can NOT be located within and existing Urban Renewal Area at the time of application
The property can NOT be identified as a multi-residential property unit
Applications are required to be submitted to the City of Storm Lake Building Official's office by February 1 of the first year following the completion of the improvements. Pre-application is also available.
For specifics on the types of abatements available please see the development type pages linked on the right hand side of this page.