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Cedar Rapids Submits Application for Flood Mitigation Program
CEDAR RAPIDS, IA (CBS 2/FOX 28) -- The city of Cedar Rapids' successfully lobbied the Iowa Legislature for the past two years, resulting in the creation of the Flood Mitigation Program (FMP) and a state funding source for flood protection. Today, the City Council will consider the city's application to the program to provide $264,000,000 to aid in the construction of flood protection on both east and west sides of the Cedar River.
The Flood Mitigation Program recaptures the growth in sales tax to help with flood mitigation projects. In Cedar Rapids' lobbying efforts, the initiative was referred to as the Growth Recovery Initiative (GRI). The FMP allows for the increment, or growth, in sales tax to be returned to a jurisdiction over a 20-year period with an annual cap of 70 percent of the growth, or $15 million.