BOONE, Iowa—The Boone City Council formally approved entering into a development agreement with Midland Power Cooperative. At a special meeting Monday, the council approved the agreement within a matter of minutes which included a public hearing on the proposal. There were no comments submitted about the agreement.
The development agreement includes a reimbursement of a portion of the taxes paid by Midland over a six-year period in an amount that will the lesser of $500,000 or an amount calculated under a formula set out in the agreement.
The agreement also includes a minimum assessment at not less than $2.4 million. There is also an obligation by Midland to create and retain five new positions.
Work on the project has already begun with site preparation. The proposed office building and training center will be located on the southwest corner of U.S. Highway 30 and South Story Street on the south side of Boone.
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