Distribution center may bring 164 jobs

Published by admin on Thu, 02/06/2014 - 4:19am

City is optimistic laying groundwork for ‘Fortune 100’ company to locate here

The Clear Lake City Council began to lay the groundwork Monday night for the possible construction of a regional warehouse and distribution center which could create 164 full-time jobs with an average annual salary of $39,000.  The project would provide a $19 million tax base.

Brent Willett, executive director of the North Iowa Corridor Economic Development Corporation, did not disclose the name of the potential Fortune 100 company considering locating in the Clear Lake Industrial Park, but said the city’s approval of a 15-year development agreement, including annual appropriation tax increment payments not to exceed $7.3 million, will put the community in a position to welcome the new business.

“We are optimistic this will come to fruition,” said Willett before the Council’s 4-0 vote to set a date for a public hearing on the development agreement.  That hearing will be held at 6:30 p.m. Monday, Feb. 17, at City Hall.

Officials from the City of Clear Lake and North Iowa Corridor have been working on a development package for the possible business for approximately five months, according to Willett and City Administrator Scott Flory.  

A 340,000 square foot regional warehouse and distribution center facility is being considered, with possible expansion to 440,000 square feet.  Willett said approximately 18 months of construction would be needed, creating an estimated 385 jobs in construction.

The finished warehouse and distribution center would provide a $19 million tax base and have an annual payroll of $6.5 million at full capacity.

“There has been no official notification that this project is approved for Clear Lake,” said Flory. “We are getting in position and trying to prepare.”

The property tax rebate agreement is just one component of an overall local incentive package, according to Willett and Flory.

 

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