MASON CITY – Governor Terry Branstad will tour a Mason City business that has prospered since taking massive handouts from local quasi-governmental agencies as well as public assistance.
Gov. Branstad and Lt. Gov. Reynolds will tour Metalcraft’s new facility at 3360 9th Street SW on September 3 at 3:30 PM.
Metalcraft executives have long been plugged into the social and political pipeline in Mason City that has helped grease the wheels for hundreds of thousands of dollars in handouts, tax breaks and low interest loans to flow into its coffers.
Among the cash that has flowed to Metalcraft in recent months was a $115,000 low-interest loan from NIACOG in 2013; a forgivable loan payment of $154,000 from the city of Mason City in 2013; a 100% property tax rebate for seven years – thus paying no taxes at all – worth $577,500, again from the city of Mason City on its new property on 9th Street SW; and a “revolving loan” of $250,000 from the North Iowa Corridor which is heavily supported by taxpayer dollars. The corridor has refused to say whether that loan was ever paid back or what the terms are. In addition, Metalcraft receives up to $2,500.00 from the city of Mason City for each new employee it hires.
Metalcraft benefited from a long-standing personal relationship with a local elected official, Scott Tornquist, in securing this fortune.
“For the benefit of my colleagues, and that I might avoid a potential problem for myself,” city councilman Scott Tornquist said before voting to approve the handouts, “I want to disclose that I have a personal relationship with both owners,” of Metalcraft. Tornquist is next door neighbor to Metalcraft CEO Steve Doerfler and has long attended the same church as Metalcraft Chief Executive Officer Doug Peterson. “We’ve been friends for 15 years,” Tornquist declared.
It is not known what, if anything, Metalcraft will seek from the governor while he is visiting.
Think your not paying for this? You just received your property tax assessment – finger down to the percentage breakdown — I paid over 500 dollars last year to the TIF fund in our next door county – GOOD OLD BOYS and their freinds getting rich along with a housing development that cost tax payers millions and turned into a flop.
Hmmm. Is that the sound of citizens waking up to find the “elite” crooks robbing them blind?
It’s called corporate welfare it means one thing that these companies are not financially viable that is the reason for the heavy support from the city. If there had a business plan that was financially viable then they would have gotten a loan from some of the fine bankers here in town after they crunched the numbers without any support from the city. Looks like the behavior of a criminal syndicate.
A classic case of the good olde boys club.
More conservatives at work, hooray for me.
How can this possibly be?? Is no one watching the damn store that one company is allowed to get all of this money from the taxpayer and then they have the balls to raise our taxes.
They own the store LVS. The fox is guarding the hen house.