City Council Review for Nov. 4th and Audio
November 05, 2019 7:43am
(Storm Lake, IA) -- Last night the Storm Lake City Council met for a regular session.
The Storm Lake City Council went forward with the Memorial Lift Station Improvement Plan. Its first step towards funding is to submit an application to the State Revolving Fund. This application would be for a $1,685,000 construction loan. The SRF currently charges 1.75% interest. This application would simply begin the process, any form of the loan agreement or debt authorization would happen further on in the process. It is important to note that the SRF is a different process than bonding, as we would only draw down funds as needed.
They added an amendment to the Industrial Park Urban Renewal Area plan that includes a tax rebate to not exceed $250,000 and $1,300,000 infrastructure improvements on Expansion Boulevard. Tyson Fresh Meats is proposing to invest over $37,000,000 in the new facility and create 15 new jobs in addition to the current 12 jobs. Tyson Fresh Meats, the developer, is expected to construct a new feed mill processing facility. The new facility would replace their current facility which is located in the Central Business District. Construction is expected to start in 2019.
The council agreed with a plan for beautification of signage and landscaping located at the base of Lake Avenue and Lakeshore Drive. It will be donated and have no fiscal impact on the city.
The group then went to recess and convened the meeting at the Storm Lake Public Library. The next is set in two weeks on November 18th at 5 pm at Storm Lake City Hall.
Attached is a recording of the meeting up to Ordinance No. 03-O-2019-2020 because of technical difficulty.
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