By: Donovan W. Mann – donovanm@977thebolt.com
Humboldt, IA – The City of Humboldt is entering a development agreement with HLT Limited as they continue to expand into a new building.
During the most recent meeting of the city council for Humboldt they held a public hearing to discuss the agreement with HLT Limited. The building involved in the agreement is the old Dodgen Industries Born Free Motor Coach building along Highway 169 in Humboldt.
City Administrator Travis Goedken tells KHBT about the agreement. Construction of minimum improvements is expected to be a total investment of $200,000. This is the minimum that HLT is required to put into the project according to the city administrator.
He says that this Economic Development grant will be paid on a sliding scale over a five year period starting in June of 2023. The city plans to rebate taxes during that five year period starting 80 percent during the first fiscal year and sliding down to 20 percent in the final year.
Goedken says it is important to not this is not a tax abatement but a rebate. The company will still have to pay 100 percent of their taxes but will get a portion back.
The city administrator says that council has wanted to get this building back operating again due to its unique size and nature. HLT’s headquarters along 11th Street North that was heavily damaged during the fire in July is also under repair.
There were no members of the general public present to speak during the public hearing and now objections were filed with the city. Following the hearing council approved a resolution to official enter the agreement