MISSION STATEMENT: To encourage and promote the establishment, development and growth of industry and businesses in or near the City of Lake Park, Dickinson County, Iowa. To increase or promote in construction of buildings, acquirement of property for industrial or business organizations of any and every kind and facade improvement in and about the said City of Lake Park, Iowa.
We have incentives available for the future development and growth for new and expanding businesses in the City of Lake Park.
Business Incentive Application
Forgivable Loan: Qualifying businesses may be awarded a forgivable loan up to $10,000. Loan forgiveness parameters will be determined based on total cost of project. For example, if a $10,000 forgivable loan is awarded, the qualifying business would need to operate for a minimum of 5 years to have the balance of the loan forgiven. Forgivable loan awards shall not exceed 15% of project costs or $10,000 whichever is less.
Revolving Loan: Qualifying businesses may be awarded a revolving loan up to $15,000. This may be combined with a Forgivable Loan award. Loans will be provided at 2% interest and repayment will be based upon project costs and needs, and a one-year deferral of repayment may be given. Revolving loan awards shall not exceed 15% of the project costs or $15,000 whichever is less. The combined forgivable and revolving loans will not exceed 25% of project cost or $25,000 whichever is less.
Façade Program: Qualifying businesses may be awarded a grant of 33% of the project cost up to $10,000 along with a loan of 33% of the total project cost. Loans will be provided at 2% interest, amortized over 7 years. The grant amount will be treated as a forgivable loan prorated over a 5-year period monthly.
- The façade program is for the area located in the boundaries of the “Downtown Urban Revitalization Plan”.
- All applications will be completed and approved by the Development Board before any construction/work is started.
- The Development Board reserves the right to change the plans prior to any awards for the appearance of Mainstreet and neighboring businesses (window/glass area and brick).
For more information about Lake Park and its many opportunities for “a vacation or a lifetime,” contact:
Dick Packebush, President
Lake Park Development Corporation
207 Chestnut Avenue
Lake Park, IA 51347
Marie Matthieson, City Administrator
City of Lake Park
217 Market Street, PO Box 536
Lake Park, IA 51347