Parties close on warehouse development property
Wednesday, 26 March 2014 14:11
Purchase of land in the city’s Larry Luker Memorial Industrial Park by a developer planning to construct a warehouse and distribution center with a capital investment of $65 million has been finalized.
According to documents filed at the Cerro Gordo County Courthouse, Windmill Realty LLC has purchased Lots 6 and 7 in the Industrial Park’s First Addition for $920,700 from Snyder Construction Partnership LLP.
Earlier this month the City approved a development agreement with Windmill Realty LLC, which includes a $2.3 million investment in the project by the City and Cerro Gordo County. Windmill Realty LLC now has the legal obligation to create the tax base, capital investment, and jobs detailed in the agreement. It has been stated that 164 full-time jobs with an average wage of $39,000 annually, a $6.5 million annual payroll, tax base of not less than $12 million and total capital investment of $65 million will be achieved.
It is anticipated that after construction Windmill Realty LLC will assign the development agreement to a Fortune 100 Company, however City officials stressed Windmill Realty LLC is the legal entity the development agreement identifies as the responsible party.
It is anticipated the building site plan could come before the Planning and Zoning Commission at its next meeting April 15.
Construction is estimated to take 12-18 months for the 360,000 square foot facility, which will be located west of Titan Pro in the industrial park.