Created: 02/06/2014 6:26 PM KAALtv.com
By: Dan Conradt
(ABC 6 NEWS) -- It's an economic development project that's being described as one of the largest in state history.
And while it's not a done deal yet, officials across north Iowa say they're "cautiously optimistic".
"Roughly a 340,000 square foot warehouse and distribution facility, expandable to 440,000 square feet," said Clear Lake city administrator Scott Flory.
It's a development that could bring a significant number of jobs.
"164 full-time equivalent positions, averaging an annual salary of $39,000 dollars a year, an outstanding benefits package," Flory said.
What we don't know is who's proposing it.
"At this point we cannot disclose the identity of the company," Scott Flory told us.
We do know it's a fortune 100 company, and that's a list that includes names like Wal-mart, Target, Costco, Home Depot and Amazon.
"We are the only city the company is dealing with at this point," Scott Flory said.
The Clear Lake city council has scheduled a public hearing for February 17th on a proposed development agreement with the company.
"A local incentive package that would include property tax rebate payments over a period of 15 years," Flory said. “There would also be a ten year forgivable loan made by the city to the company in the amount of $1.6 million dollars."
The facility, proposed for the Clear Lake industrial park, would have a tax base of $19 million dollars.
"You've certainly heard the term what's good for one community is good for another, and that's certainly the case here,” said Brent Willett of the North Iowa Corridor Economic development corporation.
“Transportation routes are here. We're an excellent location for that. Major railroad going through, airport mile and a half away," said Clear Lake Mayor Nelson Crabb.
“The state legislature acted last year to introduce some relief on commercial and industrial property taxes in the state," Brent Willett added.
If all goes according to plans, ground for the new center could be broken this spring.
"We assume the construction period would take anywhere from 15 to 18 months," Scott Flory said.