Clear Lake council tonight to hold public hearing on tax exemption request for company looking to repurpose former Five Star Co-op property
CLEAR LAKE — Clear Lake’s City Council tonight will hold a public hearing on a property tax exemption request by a company planning to repurpose the former Five Star Cooperative property at 2809 Main Avenue into a dry goods warehouse and distribution center.
The council at their September 20th meeting entered into a letter of intent with RCP Investments LLC of Mason City that outlined incentives including an industrial property tax exemption, participation in regional storm sewer improvements, and professional service fees reimbursement.
Upon completion of the improvements, the warehouse will be occupied under the terms of a 10-year lease agreement with Greenlee Corrugated Solutions of Jesup. It’s anticipated that the company, which provides corrugated packaging for large-scale companies, will employ six to ten employees, with the potential for expansion into a multiple shift operation.
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.
By law, the council cannot act on the matter until 30 days have elapsed following the hearing. City Administrator Scott Flory in a memo to the council says the council will consider all three readings of an ordinance approving the tax exemption at its November 15th meeting in order for the city to file the ordinance with the County Assessor prior to December 1st.
The council meets at 6 o’clock tonight in City Hall.