Creation of an urban renewal district for the Iowa Premium Beef plant on Tama's east side moved a step closer Monday night. City council members formally approved a tax increment financing offer to be made to IPB.
It includes a five-year one hundred percent waiver of city taxes on new property improvements at the plant site. In addition, taxes can be waived over the next five-year period at a decreasing rate of 90 percent -70 -50 - 30 -10.
If IPB officials accept the plan, the city will direct the district be established Mayor Dan Zimmerman said.
IPB is planning to reopen the Tama Pack - Iowa Quality Beef plant which has been shuttered since 2004.
No time line for the reopening has yet been announced.
However, in a related development, an offer by the IPB investors to purchase 120 acres of land on the north and east sides of the plant for $1.1 million as accepted last week by the Iowa Economic Development Authority.
Tina Hoffman, Development spokesperson, told The News-Herald the deal is expected to close within 30 days.
The property was acquired by the state when a previous plant owner defaulted on a state-backed loan and had offered the land as part of the security agreement.
In other business Monday the council:
approve four new firefighters for membership on the department. They are Richard A. Jimenez, Chris Carnes, Danielle Zeman and Danny L. Vodochodsky Jr.
approved Community Development Block Grant rehabilitation of a home at 213 E. 3rd st. at a cost of $26,158.