Brew Oil deal confirmed; electric rates increase 5% April 1
The City Council of Webster City approved Monday night a development agreement with Brew Oil of Storm Lake to extensively renovate the former Doc’s Stop convenience store. The agreement puts in writing a number of tenets guiding the $5.5 million project. Webster City will put in as much as $1.2 million in tax increment financing (TIF) as an incentive. TIF uses projected gains in taxable value of a defined area to pay for infrastructure improvements. The agreement calls for Brew to own and operate the site as a truck stop, open 24 hours a day seven days a week, include a minimum ...