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Clear Lake council to consider letters of intent for two development projects tonight

CLEAR LAKE — The Clear Lake City Council tonight will consider a pair of letters of intent for development projects.

 

== The first is with RCP Investments LLC of Mason City related to the city’s participation in the repurposing of the former Five Star Cooperative property at 2809 Main Avenue to a dry goods warehouse and distribution center with loading docks constructed for moving goods. Following the completion of improvements, the warehouse will be occupied under the terms of a 10-year lease agreement with Greenlee Corrugated Solutions of Jesup, which provides corrugated packaging for large-scale companies. It’s anticipated that the company will employ six to ten employees, with the potential for expansion into a multiple shift operation. The letter of intent would contain incentives including an industrial property tax exemption, participation in regional storm sewer improvements, and professional service fees reimbursement. The current 154,000 square foot building was assessed at just over $660,000, with the anticipated improved value following completion being estimated at $1.5 million. 

 

=== The second letter of intent is with the Embree Development Group of Georgetown Texas for the development of a five-and-a-half acre parcel of property in the Willow Creek Urban Renewal Area. The proposed project would be a $8 million, 47,000 square foot commercial and retail building with a surface parking lot to serve the needs of the project. The city would offer an incremental property tax rebate for ten years not to exceed $850,000 and a $350,000 offset to be used by the developer to finance municipal water and sanitary sewer service main extensions and service laterals. An additional $400,000 would be provided for the relocation of a 60-inch city storm sewer line. 

 

The council meets at 6 o’clock tonight at City Hall.


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