RIF (Redevelopment Incentive Fund)
City of Brooklyn offers RIF to owners of buildings in the downtown commercial area,
which will provide an incentive for businesses to continue, for building owners to improve their buildings and for new businesses to locate in the commercial area.
A. Exterior building work such as roof, windows, tuckpointing, painting.
However, no plastic or aluminum siding shall be used.
B. Asbestos removal is the only interior work eligible.
C. No interior work or remodeling, no heating or cooling, no sidewalk, no outside decorations such as flower boxes or planters.
D. All projects must be for buildings used exclusively for commercial or retail business.
City Council determines each fiscal year (July 1 to June 30) the amount of money available for RIF.
City’s RIF participation shall pay 50% of the project cost, not to exceed $10,000.
When the project is complete to the City’s satisfaction, then the City shall pay the RIF money to the building owner. The payment shall be in the form of a forgivable loan. The RIF applicant shall sign a promissory note and mortgage naming the City of Brooklyn as the mortgage holder. The note and mortgage shall be conditioned on the applicant meeting the conditions set forth in the City’s ordinance. After completion of all these conditions, the City of Brooklyn shall release its mortgage on the building and then mark the promissory note “paid.”
Brooklyn City Offices
138 Jackson Street
Brooklyn, IA 52211