Sheldon, Iowa — With the continued business growth in Sheldon, the City is again running short of areas for new commercial and industrial enterprises. However, action by the Sheldon City Council at their Wednesday meeting is aimed at creating a new Business Park Development.
Under the plan, the SCDC will enter into a Real Estate Contract with the seller of 35 acres of O’Brien County real estate, for $1.2-million dollars. The anticipated closing date on the sale is expected to be January 2, 2018. $800-thousand of the purchase price will be initially be paid by the SCDC from its various financial accounts, and $400-thousand will come from loan proceeds it will obtain from the City. On October 18th a public hearing will be held on the proposed issuance of at least $1.2-million of bonds. The revenue from the bonds will be provided to the SCDC as a one-time grant. In exchange for the grant, the SCDC will agree to repay the City’s initial loan of $400-thousand on or before February 1, 2018. The SCDC will develop and market the property as a new business park and pay to the city a portion of the sale proceeds according to a formula to be established in the contract. More details, including the location of the New Business Park were not released at the Council meeting, but will be made public soon.
In other business the council gave their approval to an underground electric easement to MidAmerican Energy. Public works director Todd Uhl told the council that the proposed re-routing of the underground electric feed near the Water Works will provide a more reliable electricity source to that area. He also said the new buried service will replace the current service, which is too close to some of the wells.
The council also heard a presentation from the Library Board, agreed to a property tax exemption for Prairie Trail Village and approved a Contract of Development and Minimum Assessment for Deluxe Feeds, Kent Nutrition Group.
