first_imgThe council will meet at City Hall starting at 6 o’clock tonight. The meeting may also be viewed on the city’s website. CLEAR LAKE — The Clear Lake City Council tonight will hold public hearings and consider approving three economic incentive initiatives related to the COVID-19 crisis. The council as well will consider a memorandum of understanding with the developer of a proposed hotel and conference center on the city’s east side. == The council will hold a public hearing on making a $100,000 financial allocation to the North Iowa Corridor Economic Development Corporation’s “Small Business Recovery & Continuity Fund”. The fund would help small, independently-owned businesses with less than 25 employees that are suffering during the public health emergency with grants up to $5000. The other two initiatives would approve allocating $10,000 to the Clear Lake Chamber of Commerce to support and underwrite costs associated with enhanced “shop local” marketing efforts, as well as provide Clear Lake Chamber Bucks for city employees, including volunteer firefighters, in response to and recognition of their ongoing extraordinary efforts for the citizens. Funds for the programs would be redirected from the city’s economic development fund.center_img ==  The council will also consider a memorandum of understanding between the city and JSM Investment LLC of Johnston to place a hotel and conference center in the Courtway Park subdivision northeast of the intersection of Interstate 35 and US Highway 18. According to the memorandum, JSM intends to start construction by June 15th of this year on a $13 million project consisting of a Marriott-branded, 85-guest room hotel and an approximately 6000 square foot conference and event center. The agreement states that JSM intends to employ 15 full-time equivalent and part-time  employees no later than 12 months after the project is opened, with the minimum taxable valuation of the project being not less than $5 million. The city intends to enter into a future economic development agreement with JSM that would: reimburse up to $50,000 of the franchise application fee paid to Marriott by JSM; provide a $150,000 incentive to JSM if they begin construction no later than June 15; provide JSM another $150,000 incentive should the project be completed and have a certificate of occupancy issued by June 30th 2021; provide a not to exceed $1.2 million economic development forgivable loan on completion of the project, with the loan being forgiven over a 10-year period starting in the first fiscal year the city receives tax-increment from the property.last_img