Mason City council to consider development agreement with EVCO Holdings for golf car manufacturing facility
MASON CITY — The City Council in Mason City tonight will consider approving a development agreement between the city and the company transforming the former ShopKo building into a golf car and electric vehicle manufacturing facility.
EVCO Holdings LLC in September announced they were intending to purchase the former box store building for its new manufacturing and assembly project, with the company intending to create up to 100 jobs over its first five years. EVCO is a new company that will create various product lines in the burgeoning recreational electric vehicle market, which will include Streetrod Golf Cars and various electric vehicle-based products and components.
The proposed agreement would provide a 100% incremental tax rebate on the estimated increased value of the property for the next ten years, with a maximum rebate of $320,000. EVCO must complete approximately $1.5 million in renovations to the property, including 15,000 square feet for a showroom and facility improvements to create assembly lines. The agreement anticipates an increase of $1 million in the assessed value of the property.
The agreement requires EVCO to create a minimum of 80 full-time jobs, with the incremental tax rebate for that year being reduced by the same percentage as the actual employment if it’s less than 80.
The council meets tonight at 7 o’clock in the Mason City Room of the Public Library.