THE FORT MADISON CITY COUNCIL HAS ESCROWED THE 1.74-MILLION DOLLARS IN BONDS IT FLOATED IN 2006, TO HELP THE SIEMENS COMPANY BUY LAND…REHAB A BUILDING…AND INSTALL A RAILROAD SPUR FOR ITS TURBINE-BLADE-MAKING OPERATION ON HIWAY-61.
BECAUSE THE COMPANY IS IN A “TIF” DISTRICT AND HAS MADE MONEY, THE CITY WILL PAY OFF THE BONDS EARLY…IN JUNE OF 2017…..RETURNING ABOUT 8-MILLION DOLLARS TO THE TAX ROLLS.
WHAT THAT MEANS IS THAT FORT MADISON SHOULD SEE AN INCREASE OF 50-TO-60-THOUSAND DOLLARS A YEAR INTO ITS GENERAL FUND.
