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Tuesday, August 24, 2004 12:07 PM CDT

Deal arranged for expanded industrial park's first tenant

By JON ERICSON, Courier Staff Writer

CEDAR FALLS --- Bossard IIP received approval for its new 200,000-square-foot distribution center on the same night the City Council approved plans for the industrial park expansion where the new building will be constructed.

Bossard IIP (Iowa Industrial Products) currently has a smaller facility in the Cedar Falls Industrial Park. It expects to have about 120 jobs at the new facility west of the Target Distribution Center.

On Monday, the City Council approved giving 11 acres of land to Bossard's development group for the building.

It also approved a development agreement which will give the company a partial property tax abatement. The tax break is typical for what Cedar Falls has done in the industrial park. Bossard would pay 25 percent of its added value with the building in its first year. That amount would increase by 15 percent in each of the next four years. The company would pay its full property taxes then in the sixth year.

The building is expected to be valued at $7.5 million.

Bob Winn of Winn Enterprises, Bossard's lead developer, thanked the city staff for its work on the project. He said the Cedar Falls staff was the finest he had ever worked with.
 
The city plans to build a temporary road to the new section in September. Utilities work would be completed this winter and next spring.

Bossard plans to start construction yet this fall.

In other business, the City Council approved the plat for the first 83 acres in a planned 180-acre expansion of the Cedar Falls Industrial Park.

The land, located south and west of the Target Distribution Center, was annexed by the city last year for the expansion. The first phase will start directly west of the Target Distribution Center and south of Viking Road.