Development agreement approved with Fareway


Fareway's Garrett Piklapp (right) shows Humboldt City Council members what a new store will look like during a PowerPoint demonstration at Monday's Humboldt City Council meeting. Humboldt Independent photo.

The Humboldt City Council moved ahead with a development agreement with Fareway Stores Inc., Monday, Sept. 26.
The agreement includes property tax rebates for a 10-year period on a sliding scale for essential services, as defined by the Iowa Economic Development Authority, and also includes a $100,000 tax credit to lower the sale price of the existing Fareway store as it sits in a “blighted” urban renewal area as identified by the Humboldt City Council.
The cumulative total of rebates/credits from the city to the company would be an amount not to exceed $400,000.
The minimum improvements for tax purposes would be an amount not less than $1.5 million. The city and the developer will enter into a minimum assessment agreement with the county.
It was announced that there will be a groundbreaking ceremony Monday, Sept. 26, at 1 p.m., at the new site, 1700 10th Avenue North (Highway 3). Guest speakers will be Frederick R. Greiner, Fareway President and Chief Operating Officer and Reynolds W. Cramer, Fareway Chief Executive Officer. The public is welcome to attend the ceremony.
Read all the details about the story in this week's Humboldt Independent. Subscribe by clicking on the link at the top of the page.

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