SIOUX CITY, Iowa (KCAU) — The Sioux City City Council unanimously passed a resolution to amend the combined Floyd River Urban Renewal plan.
It’s so that the Avery Brothers Sign Company can build a new facility at the northwest corner of Leech Avenue and Cunningham Drive. The company plans to build a 13,500 square foot facility that will contain office and warehouse space along with a shop. The cost for the project is estimated to be $3 million.
It’s also expected to add three to four jobs to its current staff of 12.
Mayor Pro Tem Dan Moore said the renewal plan will authorize the use of Tax Increment Financing (TIF) funds for the project.
“That will allow us to use that very important economic development tool of TIF and we can use TIF money in the TIF district to use for rebate of taxes, so that we encourage development on land that were it’s not currently occurring. So we’re excited about the project,” said Moore.
Moore said Avery Brothers Sign Company will have to come back to City Council with a development agreement and minimum assessment agreement for consideration.