CLEAR LAKE, Iowa - In a unanimous vote, the city council voted to approve the letter of intent with WillowStream LLC, who will develop a hotel, restaurant and conference center along I-35 and Highway 122.
At the meeting, city administrator Scott Flory said he's confident about working with the developer and he praised them for the speed in which the deal was done.
The letter of intent says the developer must build a hotel with no less than 70 guest rooms, a 180-person capacity restaurant, and a 9,000 square foot conference center. It also says the project should be completed by October 31st of 2020.
On the city's end of the agreement, they are providing a $4,000,000 forgivable loan to the developer. According to city councilman Bennett Smith, the city will make the money back on property and sales taxes that are generated by this development, and others that might come in the future.