Spencer, IA (KICD)–The Spencer City Council has approved an Urban Renewal Plan amendment which allows four new projects to be eligible to receive incentives from Tax Increment Financing.
Shine Brothers will construct an approximate 8,000 square foot building. The estimated cost for the project is in excess of $500,000. TJN Enterprises will construct an approximate 90,000 square foot building. The estimated cost for the project is in excess of $3,000,000. D & T LLC., a subsidiary of Midwestern Mechanical, will construct an approximant 4,500 square foot building at a cost in excess of $500,000. A fourth development agreement with Hensall Condiments has not been finalized. Under these agreements the city’s obligation would be to rebate the incremental taxes collected over a 10 year period back to the owner annually.
A negotiated landfill agreement with Shine Brothers for Auto Shredder Fluff and Wire Shredder Fluff drew a pair of nay votes. Councilmember Steve Bomgaars has been opposed to the agreement for months.
Councilmember George Kruger also voted against the agreement which sets the rates for both types of shredder fluff at $14.50 per ton starting August 26th of 2014 and increasing 2 percent each year through 2024. Councilmember Ron Hanson was pleased to see a shorter 10-year agreement and added he does not want to see solid waste rates increase to supplement this pact.
Jim Quinn was appointed to a term on the Library Board which expires mid 2018.