Henry County Industrial Development Corporation

“Disclosure of meetings: the board of directors of henry county industrial development corporation is also the board of mount pleasant area development commission, which is the designated administrative body for henry county industrial development corporation. The meetings of mount pleasant area development commission are documented via minutes.”

“The form 990 will be presented to the board at their board meeting prior to filing the tax return.”

“It is the duty of all board members to be aware of the conflict of interest policy, and to identify conflicts of interest and situations that may result in the appearance of a conflict and to disclose those situations, conflicts or potential conflicts to (i) the executive vice president of mt pleasant chamber alliance, (ii) the chair of board or (iii) other designated person, as appropriate.”

“The organization's governing documents, policies, and financial statements are made available to the public.”

“To improve the quality of life for the residents of henry county, iowa through economic growth. Hcidc has in the past decade facilitated the development of two major manufacturing operations in crossroads industrial park, west liberty foods/millard refrigerated services and fluoro-seal, that represent more than 6.9 million taxable valuation and 500+ jobs. Hcidc completed construction of a third speculative shell building in 2009, which was sold during 2015. The presence of the shell building was a vital first step in convincing golden eagle distributing co. To consider mount pleasant for a new location that ultimately was constructed just a quarter of a mile away. That property now has a taxable valuation of 7.6 million. Finally, hcidc, working through its affiliate, the mount pleasant area development commission, maintains programs in business attraction, business retention & expansion, entrepreneurial support, education, and community development.”

“Mount pleasant area development commission will recommend to the city of mount pleasant that we offer 10-year property tax abatement for this project. The first 5 years will be a 100% abatement. Years 5-10 will be at 50% tax abatement. In addition, the mount pleasant area development commission is committed to the 20% match of a 325,000 fully forgivable loan as required by the state of iowa. We understand that our portion will be 65,000 in cash. Eligibility requirement: a business located in an economically distressed area must pay at least 100% wage threshold throughout the applicable contract period. "the city of mount pleasant exists within a "distressed county- and must adhere to the 100% wage threshold requirement. "wage threshold in the mount pleasant labor shed area is currently 16.56 per hour.”