Project to add more than $300M to regional economy over 10 years
Officials with the City of Clear Lake and North Iowa Corridor Economic Development Corporation on Monday announced that a major economic development project the groups have been courting for several months is now official and will proceed.
The company behind the 340,000 square-foot regional warehouse and distribution facility project notified the City and the Corridor last week that final approval for the project to locate in Clear Lake has been reached and construction will commence in the spring, Corridor President & CEO Brent Willett and City Administrator Scott Flory confirmed.
The $65 million project, which will locate in the Clear Lake Industrial Park, will bring 164 permanent full-time jobs with an average wage of $39,000 to the region. The company’s identity will remain confidential throughout an estimated 18-month construction period, but it has been described as a member of the Fortune 100 list of largest American companies.
Last month, the City of Clear Lake and Cerro Gordo County approved an incentives package to help secure the project.
“Construction of this state-of-the-art facility underscores our city’s commitment to economic development and new job opportunities,” said Clear Lake Mayor Nelson Crabb. “Rarely does the occasion to persuade a Fortune 100 company to put down permanent roots here in North Iowa present itself and I am pleased we have been able to realize this dream for the City that I have proudly called home for more than 40 years.”
In addition to the 164 permanent jobs created, the project will create up to 385 one-time construction jobs with an estimated payroll of $14 million. An estimated additional 107 indirect and induced jobs will also be added to the regional economy over 10 years as a result of the project as well and in total, the project’s total economic impact could reach $306 million over 10 years, said Willett.
Cerro Gordo County Supervisor and Corridor Board member Jay Urdahl said, “this project represents not only one of the largest projects in our county’s history, but one of the best examples of county-wide economic development collaboration I’ve been a part of. Cerro Gordo County is proud to stand with the City of Clear Lake and the North Iowa Corridor in delivering this project to our community.”
“This outcome is proof positive that the long-term capital investment decisions made by past and present elected officials of the City over the past decade have been prudent and that the private sector has substantial confidence in our community,” said Flory. “My hope is that this project will positively impact the future for Clear Lake and its residents for many years,” he added.
“We are thrilled for the City of Clear Lake and for the greater region,” said Willett. “The attraction of such a major new employer and so many quality jobs to the Corridor region is gratifying and is the product of a tremendously effective team effort which included the city, county, Corridor and many others working tirelessly for many months to secure this opportunity.”