- Associated Press - Thursday, February 6, 2014

CLEAR LAKE, Iowa (AP) - The northern Iowa city of Clear Lake is trying to secure a regional warehouse and distribution center that could bring more than 160 jobs to the area, but officials say they’re still sorting out the details.

The city is taking legal steps on a development agreement and an incentive package that would include a 10-year forgivable loan of $1.6 million, the Mason City Globe Gazette reported (https://bit.ly/1ji5cuD ). The proposed project would involve a Fortune 100 company that hasn’t been formally announced.

“This is a very rare opportunity to bring very meaningful jobs to the residents of Clear Lake and Cerro Gordo County. There are currently only nine Fortune 100 companies with a corporate presence in Iowa. This would be number 10,” said City Administrator Scott Flory.

Brent Willett, head of the North Iowa Corridor Economic Development Corp., said nothing is official yet.

“I want to emphasize this is still a preliminary project,” he said. “We have not received notification that this is a done deal.”

The Clear Lake City Council has set a Feb. 17 public hearing to discuss a proposed 15-year development agreement with the company.

“The city is proceeding optimistically but cautiously, taking the necessary legal steps to further a local incentive package and development agreement,” he said.

Construction on the 39-acre, undeveloped area of the Clear Lake Industrial Park would take about 18 months. The warehouse and distribution center would be 340,000 square feet with a possible expansion.

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Information from: Globe Gazette, https://www.globegazette.com/

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