h digitalfootprint web 728x90

$12 million warehouse proposed in Ankeny


Echo Group Inc., which provides sales and support for wholesale electric supply markets, is proposing to construct a $12 million warehouse and distribution center at Southeast Delaware Avenue and Southeast Corporate Woods Drive, according to material provided to the Ankeny City Council.

The 16-acre site, currently owned by QRS Investments LLC, is in the process of being annexed by Ankeny. The council approved the annexation earlier this fall; the annexation must receive state approval before becoming final.

Echo Group, whose headquarters are in Council Bluffs, currently operates a warehouse at 4771 N.W. Second St., according to its website.

The Ankeny council at its meeting today will consider approval of a development agreement with the company that would include providing up to $830,000 in tax increment financing rebates to Echo Group over five years, according to a city document. In return, the company would construct a 103,000-square-foot warehouse and distribution center on the property. In addition, the company would add 17 new positions to its current staff of 62, according to the document.

Construction is expected to begin in spring 2021 and be completed in early 2022. The project, when completed, is expected to add $8 million of taxable valuation to Ankeny’s tax base. About $427,000 in new tax revenue is expected to be collected from the property during the five years it receives TIF rebates, according to the city document. After that, the property is expected to generate an estimated $251,000 in new tax revenue annually.

The Ankeny council meets at 5:30 p.m. today. Information on how to join the meeting electronically can be found by clicking here.

Facebook Notice for EU! You need to login to view and post FB Comments!

americanequity web 020123 300x250