CLEAR LAKE – A massive, secretive warehouse project in Clear Lake that has already received millions in assistance may get another boost after local elected officials approved an application to the state Economic Development Authority’s High Quality Jobs Program.
Tuesday morning, the Clear Lake city council and the Cerro Gordo Board of Supervisors approved an application by Windmill Realty LLC to the state’s High Quality Jobs program. The High Quality Jobs program provides qualifying businesses tax credits and direct financial assistance to off-set some of the costs incurred to locate, expand or modernize an Iowa facility. To qualify for this “very flexible assistance package that includes loans, forgivable loans, tax credits, exemptions and/ or refunds”, eligible businesses must meet certain wage threshold requirements.
Windmill Realty LLC is based in Delaware and represents what officials call a “Fortune 100 company” that has not yet been named, but will be named closer to project completion. The project has a capital investment cost of $65 million to build and equip. The total anticipated tax base will be $19 million. There will be 164 jobs with an average wage of $39,000, not including an “outstanding” fringe benefit package. Total payroll will be $6.5 million annually. The project is located in the Luker Memorial Industrial Park on Lots 6 and 7. The site is 39 acres. Construction began in April of 2014 and should be substantially completed in April, 2015. Hiring begins in November of 2015 and a second wave of hiring would commence in May of 2016. Windmill Realty LLC received a $1.675 forgivable loan over 10 years from Clear Lake and another loan of $656,000 from Cerro Gordo county. There are performance standards that must be met by the un-named company to continue to receive those benefits.
