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County Financial Incentive Programs

Intermediary Relending Program Revolving Loan Fund (IRP): The IRP is a local funding source with a goal of providing low interest loans to assist with local economic and community development projects. These monies are not designed to be the primary source of financing and are for gap financing only. This funding is available through Cherokee Area Economic Development and we are available to assist you through the lending process.

Interactive Map of Opportunity Zones

The Economic Innovation Group created an interactive map of the 8,700 Qualified Opportunity Zones throughout the country. The map shown represents Cherokee’s Qualified Opportunity Zone which encompasses most of the City of Cherokee as well as parts of Cherokee County.

Brummer Building

This building occupies a prime location on the corner of Main Street and US Highway 59 in downtown Cherokee. It is often difficult to find existing building within Opportunity Zones that meet the requirements of Qualified Opportunity Zone Business Property. The Brummer Building could be renovated into a multi-use property. It is currently vacant.

CIC Industrial Site

This site is 7.2 acres on the south edge of the city, directly off of US Highway 59. A paved frontage road runs north and south along the west side of the property. All utilities extended to the site.

Cherokee South Industrial Site

The Cherokee South Industrial Site is located on the south edge of Cherokee. It is comprised of 99.4 acres of which 74.7 acres have been certified for rail served industrial development. A main line for the Canadian National Railroad is located on the east edge of the site and rail spur can be extended into the site.

City Of Cherokee Incentive Programs

Tax Increment Financing: The city has several designated Urban Renewal Areas or Tax Increment Financing Areas. If your business is located in one of those areas, it may be eligible for public improvement financing that uses the additional, or incremental taxes that the project will generate to help finance the cost of the project.

Tax Exemptions/Tax Abatement: Under some circumstances, and within certain pre-defined geographical areas, the city has the authority to abate taxes that are to be paid on improvements to property within the area. The City of Cherokee has generous Tax Abatement programs established for improvements to and development of commercial, residential and multi-family residential property.

Industrial Revenue Bonds: The city can issue bonds for some economic development projects. The bonds are normally issued at a lower rate of interest than might otherwise be available to the business. Industrial revenue bonds are subject to a state maximum.

State of Iowa Incentive Programs

High Quality Jobs Program (HQJ): Is the state’s premier financial assistance program designed to support innovation and job growth. Applications for this program are filed by cities, counties or community colleges on behalf of eligible businesses.

The High Quality Jobs program provides qualifying businesses tax credits to off-set the cost incurred to locate, expand or modernize an Iowa facility. To qualify for this very flexible assistance package that includes tax credits, exemptions and/ or refunds, a business must be a non-retail or non-service business and meet wage requirements. For more information, visit

New Jobs Tax Credit – An Iowa corporate income tax credit and is available to a company that has entered into a New Jobs Training Agreement (260E) and expands their Iowa employment base by ten percent or more. For more information, visit

The state of Iowa has additional incentives available. For more information, visit

Federal Incentive Programs

The majority of the City of Cherokee, Iowa falls within a designated Opportunity Zone. The Opportunity Zones Tax Credit Incentive is a new community investment tool established by congress in the Tax Cuts and Jobs Act of 2017. It is designed to encourage long-term investments in low-income and rural communities nationwide. Investment in Qualified Opportunity Zones provides tax incentives for investors who reinvest unrealized capital gains into Qualified Opportunity Funds.

To learn about the Opportunity Zones initiative, check out the IRS FAQ about Opportunity Zones