Bonds approved for development project

CLEAR LAKE, Iowa –  When a big project comes to town there needs to be money to pay for it and sometimes a little incentive can help a business take root.

Monday,  City Council members in Clear Lake were talking about those monetary incentives to help bring a warehouse and distribution center to town.

On the table is 1.6 million dollars that will be paid for in bonds, and because of smart financial choices in the past, Clear Lake is sitting very comfortably right now.

“Its current budget situation, the city of Clear Lake happened to be one of the lowest in debted communities in the state of Iowa, in fact through out the country so their fortunate to be able to bond for this with a very low interest rate,” said Brent Willett with North Iowa Corridor.

Willett goes on to say that the vote for the money had to take place now, so that the city can make sure to keep the company interested in the area he said it was a competitive bid to bring them here.

This is a 10 year forgivable loan.

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