During their meeting earlier this week, the Carroll City Council approved a voluntary annexation request to facilitate the construction of an electrical supply company’s warehouse on U.S. Highway 71. The city received the request from QRS Investments LLC and Village Rentals LLC for approximately 11 acres of land earlier this year. City Manager Aaron Kooiker describes the location.
The annexation request coincides with a development agreement with QRS Investments, also known as Echo Group, Inc. The company is seeking a $104,000 tax increment financing (TIF) rebate to connect the planned 21,000 sq. ft. commercial building with existing city infrastructure. Kooiker says the city needed to approve an engagement agreement with Ahlers & Cooney, P.C. to assist with the development agreement contract language.
The tentative agreement with Echo Group shows the city will provide water and sewer to the new structure at an estimated cost of $104,000, which will be recouped within five years through TIF. City officials anticipate a minimum investment of $4.5 million from the company into the community. The council unanimously approved the voluntary annexation and engagement letter at Monday’s meeting.
