Sheldon, Iowa — Another Sheldon Business is expanding, moving to a new retail location in the east part of the city.
At the city council meeting Wednesday, Sheldon’s Development Director Curt Strouth announced that Bomgaars would like to build a new building in the Sheldon Crossroads Industrial Park. The lot will be 4.61 acres just north of White Wolf Web and directly across the street to the east of Ziegler Cat. According to Strouth the new building will be the second largest Bomgaars facility in the region. It will be a 28,000 to 31,000 square foot building that will carry an approximate assessed value of two million dollars. This project will retain twenty current jobs and create employment for four to six additional people in its first year.
The SCDC Development Committee recommended that the lot be sold to Bomgaars for one dollar with the stipulation that Bomgaars sign a two-million-dollar assessment agreement over ten years and enter a contract for development with the City of Sheldon. This new two-million-dollar assessment will generate approximately $61,200 per year in commercial property tax; and based on this, the estimated payback on the lot will be approximately four years. Based on the agreement with the City of Sheldon, the SCDC is obligated to reimburse the city $18,125 per acre when this land is sold. The city council agreed to forgive payment for this project.
According to Strouth, Bomgaars has plans to begin construction in 2016 on their new location. They will retain ownership of their current building and plan to develop it for other businesses.
