by Marianne Gasaway
Economic Development— specifically Clear Lake’s success, was the topic of the majority of the Clear Lake City Council meeting Monday night. The Council approved a pair of letters of intent for development projects.
The City has been working with RCP Investments LLC, of Mason City, on a development agreement related to the City’s financial participation in activities related to the repurposing of the former Five Star Cooperative property at 2809 Main Ave. According to City Administrator Scott Flory, RCP intends to repurpose the site to a dry goods warehouse and distribution center with loading docks constructed for moving goods.
The building is approximately 154,000 square feet in size and was constructed in 1992. The Jan. 1, 2019 assessed improved value is $660,040. The anticipated assessed improved value following completion of improvements by the developer is estimated at $1.5 million.
Following completion of the improvements, the warehouse will be occupied under the terms of a 10-year lease agreement with Greenlee Corrugated Solutions Inc., of Jesup. It is anticipated the company will employ six to 10 persons, with potential for expansion into a multiple shift operation. The company provides corrugated packaging for large scale companies.
The letter of intent approved by the Council contains incentives, including an industrial property tax exemption, participation in regional storm sewer improvements, and professional service fees reimbursement.
A public hearing will be held on Oct. 4, with all three readings of the agreement to be decided at the Nov. 15 Council meeting.
A second letter of intent was approved with the Embree Development Group, of Georgetown, Texas for the development of a five-and one-half acre parcel of property in the Willow Creek Urban Renewal Area, located north of Highway 18 near North 20th Street.
The proposed project would be a $8 million, 47,000 square foot commercial and retail building with a surface parking lot on approximately five and one-half acres. The city would offer an incremental property tax rebate for 10 years not to exceed $850,000 and a $350,000 offset to be used by the developer to finance municipal water and sanitary sewer service main extensions and service laterals. An additional $400,000 would be provided for the relocation of a 60-inch city storm sewer line.