Ocheyedan and Sibley, Iowa — The Osceola County Board of Supervisors has approved a development agreement with Cooperative Farmers Elevator or CFE in regard to the new feed mill being constructed in Ocheyedan.
According to Rochelle VanTilburg with the Osceola County Auditor’s office, the board is considering the purchase of property for a new road as part of the agreement. Also included in the agreement is the paving of a gravel road. These projects are so that the large number of trucks that will be going to and from the new $22 million CFE feed mill won’t have to go through Ocheyedan. This is hoped to increase safety and create easier access to the facility.
The TIF agreement states that the taxes that CFE pays on the improvement to the property — the value of the new mill — will go to pay the cost of the roads. Except that any debt service or physical plant and equipment levy or PPEL that any taxing entity has would still be funded as before. VanTilburg says the TIF agreement is for a period of 20 years.
An assessment agreement signed on Friday states that the current value of the property as of January 1st was $51,770. CFE agrees that the minimum value for the assessed property as of January 1st, 2019 will be set at $11.1 million.
