Council holds public hearing for former Five Star Coop property repurposing

by Marianne Gasaway

The Clear Lake City Council moved ahead Monday night with a public hearing and set a date for consideration of an ordinance which would provide a property tax exemption for company planning to repurpose the former Five Star Cooperative property at 2809 Main Avenue.  RCP Investments LLC, of Mason City, intends to repurpose the site  into  a dry goods warehouse and distribution center.

The building is approximately 154,000 square feet in size and was constructed in 1992.  The Jan. 1, 2019 assessed improved value is $660,040.  The anticipated assessed improved value following completion of improvements by the developer is estimated at $1.5 million.

Following completion of the improvements, the warehouse will be occupied under the terms of a 10-year lease agreement with Greenlee Corrugated Solutions Inc., of Jesup.  It is anticipated the company will employ six to 10 persons, with potential for expansion into a multiple shift operation.  The company provides corrugated packaging for large scale companies.

The letter of intent approved by the Council contains incentives, including an industrial property tax exemption, participation in regional storm sewer improvements, and professional service fees reimbursement.

At its Sept. 20 meeting the Council approved a letter of intent containing incentives, including an industrial property tax exemption, participation in regional storm sewer improvements, and professional service fees reimbursement.

Matt Splittgerber, one of two majority owners of RCP Investments, was at Monday’s meeting to thank the Council and City for its support on the project.  

“We’re a local company who is interested in investing in our community. We’re very bullish on the prospect of northern Iowa and Clear Lake in particular. Every interaction we’ve had with any city official, every conversation, every email we’ve had has made us even more confident in the city’s desire for economic growth, and we appreciate that. We’re just here to thank the city, and we hope that RCP Investment can continue to do our little bit to help Clear Lake grow.”

The Council will consider all three