Marion is open for business.

If you're looking to grow your business or open a new one, Marion is the ideal location. Marion's team will tailor development agreements to suit your specific needs.

The first step is to submit an application to Marion Economic Development Corporation (MEDCO). Various forms of financial assistance may be available to you, such as Tax Increment Financing, which is explained in this video.

Visit MEDCO's website, or call (319) 743-4734 to learn more. 

After you Submit your Application to MEDCO

1. Your information application will be reviewed by Marion's Economic Development Team.
   • Further clarification or explanation may be requested during this process.
2. If your project aligns with the Economic Development Policy, your application will go before a City Council subcommittee. Typically, you (the developer) will be invited to present at this meeting.
3. If the City Council subcommittee is in support of financial incentives for the project, the City Manager/Deputy City Manager will reach out to negotiate an agreement.
4. After the terms of the agreement are finalized, it will go through an Urban Renewal Amendment (URA) process.  (Public hearings are set, and consultation meetings are held with affected jurisdictions (school districts, etc.)).
5. The agreement is formally approved once the URA process is complete.
   
   

TIF Rebate Payment Schedule

Each development agreement spells out the City’s obligations, the developer’s obligations and the payment terms.

On approximately December 1 and June 1 each year, the City processes and pays TIF rebates according to the terms spelled out in development agreements.

The value created by a project must exist on January 1 of the assessment year for the increment to be available for a rebate the following year.  For example, a project that was completed on Sept. 30, 2023, would be assessed at full value on Jan. 1, 2024 and the increment would be available during the 2025-2026 Fiscal Year.

Annual Maintenance after the Agreement is Approved

Each October, you must submit your property tax receipts and this completed TIF rebate calculation form. This information is due no later than Oct. 15 of each year.

Example TIF Rebate Timeline for Developers

• February 2018
  • TIF application is submitted to MEDCO and shared with City staff. (Note: the application may continue to go through revisions as questions are asked.)
• March 2018
  • City Council receives and files a request for TIF assistance and directs staff to negotiate a Memorandum of Understanding.
• April 2018
  • City Council passes the resolution to approve the MOU.
• October 2018
  • City Council passes the resolutions to set a date for two Public Hearings: Urban Renewal Amendment and Development Agreement.
• November 2018
  • City Council holds public hearings and passes resolutions to approve the Urban Renewal Amendment and Development Agreement.
• December 2018
  • Per development agreement, the project is completed.
• January 2019
  • New valuation on the property, which will impact taxes paid during FY20-21.
• December 2019
  • The City certifies the debt to the County and requests TIF dollars for payments to be made during FY20-21.
• October 2020
  • The developer certifies to the City an amount of TIF via an Exhibit and submits property tax receipts.
• December 2020
  • First rebate payment is received.
• June 2021
  • Second rebate payment is received.
• October 2021
  • Developer certifies to the City an amount of TIF via an Exhibit and submits property tax receipts.

Contact Us

Lianne Cairy
Finance Director/City Treasurer
Ph. 319-743-6352
Email