City approves bond sale for new industry

Leaders react to criticism of keeping potential business confidential 

The Clear Lake City Council gave its unanimous approval Monday night to a resolution providing for the issuance of $1.62 million to fund a forgivable loan for a business planning to build a warehouse and distribution center in the Larry Luker Memorial Industrial Park.

The city has reached a development agreement with Windmill Realty LLC, which now has the legal obligation to create the tax base, capital investment, and jobs 

detailed in the agreement.  It has been stated that 164 full-time jobs with an average wage of $39,000 annually, a $6.5 million annual payroll, tax base of not less than $12 million and total capital investment of $65 million will be achieved. 

It is anticipated that after construction Windmill Realty LLC will assign the development agreement to a Fortune 100 Company, however City officials stressed Windmill Realty LLC is the legal entity the development agreement identifies as the responsible party.

“Simply because we believe the ultimate occupant of the project may likely be a current Fortune 100 Company does not make it fact until it happens,” stated City Administrator Scott Flory, who came under fire in recent days, along with Mayor Nelson Crabb, for not sharing the name of the Fortune 100 firm which may be interested in locating here.  Flory had stated previously that only five persons (Crabb, Cerro Gordo County Supervisor Jay Urdahl, Cerro Gordo County Administrative Officer Tom Drzycimski, North Iowa Corridor EDC President Brent Willett and himself) know the identity of the larger business.

Councilman Mike Callanan, who was serving