MASON CITY, Iowa - The Clear Lake Development Project is again taking a big step forward following a meeting with county officials.
Cerro Gordo County board members met with city officials from both Clear Lake and Mason City to vote on a loan funded through the county as part of the project.
After hearing from leaders, board members approved a $656,000 forgivable loan as part of an incentive package for the yet undisclosed company.
“We wanted to take part and capitalize on an opportunity like this, we would have to craft a customized incentive package that’s both acceptable to the company and acceptable to the community in a way that we can responsibly provide it,” said Brent Willett, Executive Director with North Iowa Corridor.
The development project also offers a 15-year, 90 percent property tax rebate on the new valuation.
“It’s a package I’m very proud of. It’s one that has been negotiatied heavily over the past few months. So we know it’s no more and no less than what we need to do as a community to secure this project,” said Willett.
Brent and the EDC say they expect to hear a decision from the company in March.
The identity of the company has yet to be disclosed to the public.