- Associated Press - Tuesday, March 11, 2014

CLEAR LAKE, Iowa (AP) - The northern Iowa city of Clear Lake has landed a regional warehouse and distribution center that could bring more than 160 jobs to the area.

Brent Willett, chief executive officer of the North Iowa Corridor Economic Development Corp., released details about the project Monday during a special session of the Clear Lake City Council, the Mason City Globe Gazette reported (https://bit.ly/1g5xYHv ). The council approved the purchase agreement for $1.62 million in bonds that will fund a 10-year forgivable loan from the city.

“We are a full-go with the company for this project,” he said.

The $65 million project would involve a Fortune 100 company that hasn’t been formally announced because it has requested anonymity. Its identity will remain confidential throughout a construction period that’s estimated to last 18 months.

The company intends to build a 340,000-square-foot facility in the Clear Lake Industrial Park and employ at least 164 workers in the next few years at an average wage of $39,000 a year. It will create up to 385 temporary construction jobs.

Economic development officials have been courting the company for several months. The company, whose identity is only known by a few city and county representatives, recently made the deal official. Construction is expected to begin in the spring.

“Construction of this state-of-the-art facility underscores our city’s commitment to economic development and new job opportunities,” said Mayor Nelson P. Crabb. “Rarely does the occasion to persuade a Fortune 100 company to put down permanent roots here in North Iowa present itself.”

The council must still pass a resolution authorizing the issuance of the bonds. That will be done at a March 17 meeting. The bond closing will be at the end of the month.

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