Des Moines, IA
One of the biggest challenges to infill development is the hefty price tag that comes along with clearing and rebuilding a tract of land. Few businesses would opt to invest in the mopping of industrial waste over breaking new ground. To overcome this barrier to sustainable and profitable land use, the Greater Des Moines Partnership joined forces with the City of Des Moines in an effort to create and pass a brownfields and grayfields tax credit program through the Iowa General Assembly. After months of working with local lawmakers and staff to draft legislation, the tax credit program was approved by the Assembly in 2008.
Qualifying investments in grayfield sites are eligible for a 12 percent credit; this number jumps to 15 percent if the redevelopment project meets the requirements of a green development—one that meets or exceeds the sustainable design standards established by the state building code. For investments in brownfield sites, the legislation allows for a 24 percent credit, or 30 percent for a green development. As part of a legislative compromise needed to enact the initiative, fiscal year 2010 is the first funded year of the program and is currently serving as a pilot stage with a total cap of $1,000,000; individual projects are capped at $100,000 in tax credits.
To help promote this opportunity the Partnership “strongly encouraged [their] developers and building owners to look into and apply for the program to make [their] commercial buildings more sustainable and competitive,” explained Lauren Burt, the Partnership’s director of media and marketing for economic development. To date, the Iowa Department of Economic Development is processing a total of 10 applications statewide, three of which are located in Greater Des Moines.
This initiative is hardly their first foray into the green arena. The Partnership has also aligned their efforts with the Greater Des Moines’ Transportation Management Association (TMA) through the Transit 2030 Task Force. The Task Force’s goals include creating thriving neighborhoods, invigorating the local economy, and reducing peak drive time traffic and reliance on single-occupancy vehicles. In 2010, the Partnership participated in a challenge to log 1,000 trips made by carpooling, bus, walking, or biking for the “Rest Your Car Program” created by the TMA. This year is also the first in which local businesses will have the opportunity to join the Green Plus certification program (see page 11) through the Partnership.
Using the innovative policies of the Greater Des Moines Partnership, regional businesses are not only able to reduce their own costs and environmental impact, but can contribute to the connectivity and vitality of their community, moving the region forward to a livable and prosperous future.