The Clear Lake City Council gave its approval Monday night to a multiyear funding agreement with the North Iowa Corridor EDC (NICEDC). The group replaces the former Clear Lake Economic Development, which has dissolved.
The group will represent not only the City of Clear Lake, but also the City of Mason City and Cerro Gordo County, in terms of overall economic development matters. As the sole economic development corporation working on behalf of the City of Clear Lake, the NICEDC will receive the same revenue source that had previously been dedicated by the City to the CLEDC.
Clear Lake City Administrator Scott Flory explained that revenue source is 1 percent of the original 5 percent hotel/motel tax, which was originally approved by voters in the early 1990’s. The percentage equates to roughly $50,000 annually.
The funding agreement between the City and the NICEDC is for a three-year period, beginning on Jan. 1, 2012. The agreement is subject to annual appropriation by the Council.
In other business, the Council also unanimously approved a request from Emerson’s by the Lake, located at 308 Main Ave., to participate in the city’s Retail Recruitment Incentive Program. The program includes annual appropriation tax increment payments not to exceed $25,000 over five years. The program, established in 2008, seeks to help business owners make physical improvements to their buildings, such as electrical, plumbing, masonry work and the like. In the case of Emerson’s, the program would - Read More Via e-Edition