An economic development agreement with Meridian Manufacturing was approved Monday afternoon by the Storm Lake city council.
In October, an agreement was approved calling for105-thousand dollars paid to Meridian through annual tax increment payments… based on the building of a 300-thousand dollar storage building and the creation of 35 new full-time employees. However, Meridian later decided they didn’t want to commit to that many jobs for five years… and earlier this month, the council rescinded that agreement.
Development director Mike Wilson says the new agreement calls for Meridian to put up the building… but only commit to 20 full-time jobs. The city will rebate up to 70-thousand dollars in taxes over ten years.