–The Algona City Council offered its support to a local business that is seeking federal funds to expand their operation during their meeting Monday. City Administrator Jacob Tjaden addressed the council and says this business would remain in Algona as part of their expansion efforts.
The USDA requires applicants to secure a certain level of local support to be considered for their Rural Economic Development Loan Program.
The preliminary terms of the agreement would require the construction of a new facility in the Kueck Industrial Park, with a minimum assessed improvement value of $1.5 Million, along with certain job creation and retention goals being met. The city plans to utilize Tax Increment Financing (TIF) to capture the new property tax revenue generated by the project to pay back the forgivable portion of the loan over a 5-year period.
