Clear Lake council approves development agreement for Starboard Square in Courtway Park
CLEAR LAKE — The Clear Lake City Council last night approved a development agreement for a section of the Courtway Park subdivision. The agreement comes after the council at their March 15th meeting approved a letter of intent with Momberg Land LLC for the Starboard Square project on lot three of the subdivision, just south of the new Marriott hotel.
City Administrator Scott Flory says the agreement would provide property tax incentives that would be paid out over seven years at a total not to exceed $225,000. It would also provide $50,000 to add water and sanitary sewer service into the project footprint and reimburse for engineering, legal and other related expenses for an amount not to exceed $15,000.
The property tax incentives would be paid solely from incremental property tax revenues generated within the Clear Lake Consolidated Renewal Area. Councilman Bennett Smith says the agreement is a good use of Tax Increment Financing to help finance an agreement. “These are the kinds of projects where Tax Increment Financing as an economic development tool is so important that we’ve used here, and I think this is just a fantastic project for Clear Lake and all of north Iowa. It’s just again I think a momentum we’re building at Courtway Park and in other parts of our community and in north Iowa more broadly. I certainly want to support this development agreement.”
The project received site plan approval from the city’s Planning & Zoning Commission at their March 30th meeting. A groundbreaking for the development took place last week.