by Marianne Gasaway
Economic development, particularly the success of Clear Lake, was the subject of the majority of the Clear Lake City Council meeting on Monday night. The Board approved a pair of letters of intent for development projects.
The City worked with RCP Investments LLC of Mason City on a development agreement related to the City’s financial participation in activities related to the reallocation of the former Five Star Co-operative property at 2809 Main Avenue. According to city administrator Scott Flory, RCP intends to transform the site into a dry goods warehouse and distribution center with loading docks built for moving goods.
The building measures approximately 154,000 square feet and was constructed in 1992. The enhanced value assessed as of January 1, 2019 is $ 660,040. The estimated improved value expected after the completion of the improvements by the proponent is estimated at $ 1.5 million.
Following completion of the improvements, the warehouse will be occupied under a 10-year rental agreement with Greenlee Corrugated Solutions Inc., of Jesup. The company is expected to employ six to 10 people, with the potential to expand into a multi-team operation. The company supplies corrugated cardboard packaging for large companies.
The letter of intent approved by the Council contains incentives, including exemption from industrial property tax, participation in regional storm sewer improvements, and reimbursement of professional service fees.
A public hearing will take place on October 4, with the three readings of the agreement to be decided at the November 15 board meeting.
A second letter of intent has been approved with Embree Development Group, of Georgetown, Texas, for the development of a five-and-a-half-acre parcel of property in the Willow Creek Urban Renewal Area, located north of the Highway 18 near North 20th Street.
The proposed project would consist of a 47,000 square foot, $ 8 million commercial and retail building with surface parking on approximately five and a half acres. The city would offer an additional property tax refund for 10 years not to exceed $ 850,000 and compensation of $ 350,000 that would be used by the developer to finance the main water and sanitary sewer extensions and diversions. on duty. An additional $ 400,000 would be provided for the relocation of a 60 inch storm sewer line in the city.