SIOUX CITY, Iowa (KCAU) — The Missouri River Historical Development (MRHD) named a local non-profit as the recipient of a $750,000 grant.

Iowa’s West Coast Initiative (IWCI) received the Economic Development Match Grant Tuesday morning at the Hard Rock Hotel & Casino Sioux City, according to a release from the MRHD. Iowa’s West Coast Initiative intends to use the grant money to redevelop a downtown Sioux City building into a “hub for entrepreneurial activity and help support business growth in the region,” the release stated.

The Innovation Center, as it is called, will be three floors with the first floor having a food hall to provide space for entertainment and for showcasing food from restaurants and food trucks. The second floor will have a tech lab, providing equipment for any startups to code and prototype ideas. Finally, the third floor will offer rentable offices and conference rooms. Additionally, Siouxland Public Media will have offices on the third floor with a visible broadcasting studio and then shared recording booths on the first floor.

“MRHD is proud to support this project as it aligns perfectly with the goals of our Economic Development Match Grant,” MRHD President Steve Huisenga said. “This project brings numerous stakeholders together, and will create opportunities for entrepreneurial activity and job creation in Siouxland.”

IWCI is a non-profit organization intending to create an “entrepreneurial ecosystem” in the tri-state region by providing assistance, offering networking, and helping entrepreneurs gain access to capital.

“We’re grateful to receive MRHD’s assistance and we’re excited to share the concept of the Innovation Center with the entire Siouxland community,” IWCI Board Chair Michelle Bostinelos said. “We’ve spent the last several years developing our plans and analyzing the overall sustainability of the facility and we’re confident this project will be a success.”

In addition to the grant, the City of Sioux City committed $400,000 in matching funds through its annual Capital Improvement Program to assist with the project. Ho-Chunk, Inc. also provided a donation of its in-house architecture firm, BluStone Architecture, to create preliminary designs and cost estimates for IWCI’s Innovation Center.

MRHD said this is its second offering of its competitive Economic Development Match Grant.