Le Mars, Iowa dealership Fedders Marine & RV was approved for a tax rebate by the county supervisors on its proposed expansion and relocation.
According to the Le Mars Daily Sentinel, the supervisors approved a five-year partial tax rebate, not to exceed $55,000, for the development, contingent upon the creation of two full-time job positions with a combined salary of at least $62,000. Under the rebate agreement Fedders will pay full taxes on his estimated $1 million expansion but receive a rebate back for a specified percentage of those dollars.
Since the location of Fedders’ proposed development on Highway 75 is in a Joint Urban Renewal Area shared by the county and the city of Le Mars, both government bodies had to approve Fedders’ tax rebate. The Le Mars City Council approved the measure at its April 3 meeting.
County Auditor Stacey Feldman explained Fedders’ tax rebate will start when the property has reached its full assessment, which is expected as of Jan. 1, 2014.
Feldman also noted the maximum rebate is $55,000 and once that amount is reached, even if it’s before the end of the five-year agreement, the rebate will end.