by Marianne Gasaway
The Clear Lake City Council approved a resolution Monday night setting the stage for a development agreement for a $16 million hotel, restaurant and conference center to be located in its Courtway Park Subdivision just east of Interstate 35.
The Council first heard encouragement for the project from a number off North Iowa economic leaders in a public hearing. The hearing is a pre-requisite to entering into a General Obligation backed economic development forgivable loan agreement for the proposed project. The City intends to offer a $4 million urban renewal economic development loan in support of the project.
“It is a bold move on the part of this Council to spur this development,” Bob Klocke, a member of the North Iowa Corridor Economic Development Corporation, told Council members. “We believe it fits in the vision we have for North Iowa. Klocke noted that the group is also excited about Mason City’s Renaissance project, which includes a hotel, and said he feels “rising tides lift all boats.”
Tim Esbeck, community president for MBT Bank in Clear Lake, said he is excited and impressed with the developer, but noted he has empathy for existing hotel-motel owners.
“I am not concerned this will steal visitors away from them. I believe it will draw more people to Clear Lake and will spur additional development. I am very much in favor and hope you are too,” Esbeck told the Council.
“I agree it will spur more developTo read more of this article, please login or sign up for our E-Edition