The City of Prairie City offers a variety of financial tools to foster economic development. City officials also work with businesses and organizations to create individualized incentive plans that cater to their specific needs.
Voluntary Demolition Program
The City of Prairie City offers a $3,000 grant to eligible property owners who wish to demolish substandard, deteriorated, or dilapidated buildings that are vacant and located within city limits. If approved, the grant covers costs for demolition, debris removal, and site grading.
Tax Abatement and Exemption
Through the Prairie City Revitalization Plan, business owners may be eligible for exemption from some or all property taxes for improvements made to a qualifying property. The owner will still be responsible for paying taxes on the initial value of the property, and will only be eligible for tax exemption on improvements for a limited amount of time.
Tax Increment Financing
The City of Prairie City invests in the future of the community through Tax Increment Financing (TIF). With TIF, Prairie City may take an increment of projected property taxes earned through improvements made by a developer, and rebate all or a portion of the money back to the business or organization to use in a number of possible manners.