Clear Lake council to consider Pritchard’s, former Serta development agreements

CLEAR LAKE — The Clear Lake City Council tonight will hold a public hearing and consider development agreements on two different projects.

One involves a property tax rebate agreement with the Pritchard’s Company for the Pritchard’s Innovation Center and Lake Life Styles. Under the agreement, the city would provide incremental property tax payments in an amount not to exceed $250,000.

The other is a property tax rebate agreement with a private developer for the renovation of the former Serta Simmons building, and under that agreement, the city would provide incremental property tax payments in an amount not to exceed $375,000.

Both projects are evaluating applications to the Iowa Economic Development Authority for state incentives, which a local contribution from the city is a requirement for consideration of those incentives, which are related to job creation.

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