Charles City, Iowa – Charles City officials say it could be another three months before land is purchased for the certified site.
The City of Charles City and the Area Development Corporation didn’t pull the trigger to acquire 75 acres worth over $2 million dollars for a certified sight Monday night.
CCADC Director Tim Fox says one of the stipulations in the contract didn’t allow for his group to be confidential with potential businesses investing in the property.
The city plans to use tax increment financing dollars from the South Grand Urban Renew TIF district for funds. City officials estimate the loan payback will take 11 years.
City Administrator Steve Diers says discussions have been ongoing to discover the best way the agreement allows for confidentiality.
Another part of the contract, according to Councilman DeLaine Freesman, would stipulate the parcel of land becomes certified by the state before the city shells out the money.
Director Fox agreed, and said there should be certification by November 30 before closing on the property in December. Certification lasts five years since the entities own the property.
The contract will go under review at another planning session.