BOONE, Iowa—In late 2018, Midland Power announced plans to construct and office in Boone. The initial proposal was to locate at the southwest corner of U.S. Highway 30 and South Story Street. Since that time, several issues surfaced that led company representatives to meet with Boone City staff and discuss a potential development agreement. The Boone City Council’s Economic Development Committee first heard the points of a tentative proposal for a development agreement at a Special Economic Development Committee meeting on April 22nd. Among the points presented were a minimum assessed value of $2.4 million, a tax rebate of an amount not to exceed $500,000 or extend past six years, right of way for a future road across the property, the creation of five new jobs over and above jobs that would be transferred to office and the city would initiate rezoning of the property. The Monday Council meeting was the first meeting since the Economic Development Committee met on April 22nd. The tentative agreement proposal was presented to the council.
Council member Elijah Stines raised his concerns first about the need for the development agreement and why particulars of the agreement were not made available to council members prior to the Council meeting. He made an attempt to amend the agreement, requiring specific numbers on the number of jobs that would be transferred to the new location and the number of people that would use the facility for training purposed during a years time. That amendment failed on a 2-4 vote.
A motion to proceed with preparation of a development agreement was approved on a 5-1 vote. Both the City Council and the Midland Board of Directors would have to approve a final development agreement.
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