The Lake View City Council approved a resolution Monday night laying the groundwork for economic development incentives for Evapco’s planned expansion. Administrator, Scott Peterson, says representatives from the industrial cooling and refrigeration company attended the council’s latest meeting and provided an update on the project.
Evapco is investing approximately $12.5 million for the project: about $9.5 mill in construction costs and $3 million in equipment purchases. The addition to the community’s property tax base is substantial in its own right, but Peterson says the company is also preparing for a notable increase in available jobs.
He notes officials are assisting the company with getting the expansion up and running as quickly as possible. The city will install an approximately mile-long, 12-inch water main to the new plant to account for the increased water usage at the site. Early cost estimates on that effort come in around $568,000, which will be paid for using tax increment financing (TIF) funds. Peterson says the city is offering other incentives to Evapco, but only a few of the details have been finalized.
Evapco is also pursuing assistance from the Iowa Economic Development Authority (IEDA) High Quality Jobs program. To be eligible, created jobs must pay at least 100 percent of the qualifying wage threshold and provide sufficient employee benefits, including health insurance. Construction at the Evapco expansion site is expected to begin later this year.
