Resolution approving a Development Agreement for an Industrial Development on the Timmins…

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Item 4 of the consent agenda, recorded in the minutes as: “R-260220-70- Resolution approving a Development Agreement for an Industrial Development on the Timmins Certified Site Council Member McKenzie arrived at 12:18 PM. Mayor Elrod explained that today’s Special City Council meeting was scheduled to align with the company’s timeline and request, as well as the Iowa Economic Development Authority (IEDA) meeting held earlier this morning, and the company’s coordinated marketing announcement regarding its decision to locate and build in Bondurant. He noted that this project represents a significant opportunity for the community, that Bondurant stands to benefit greatly from the investment, and that the company has already demonstrated strong partnership and collaboration throughout the process. City Administrator Oliver reported on the large industrial project on the agenda. The Development Agreement is with the Vermeer Corporation, a globally respected brand. Vermeer Corporation spans 100 countries. Vermeer is making a $102,650,000 investment in a new facility in Bondurant, which is more than the original $90M expected and reported in the agenda statement. This project will have an $87.5M minimum assessment valuation and the project enables the City to invest $26M in public infrastructure. This is a good example of growth paying for growth and an excellent success story for the use of Tax Increment Financing. The investment in public infrastructure will also open additional industrial opportunities in the City of Bondurant by providing access to an additional 500 acres of ground that is or is becoming certified. The project will be home to 300+ jobs in Bondurant, retaining 133 jobs and creating 182 new jobs in Central Iowa. In the report from IEDA for the February 20, 2026, Board Agenda, the wage threshold is listed as $35.11. The report states, “The additional manufacturing output that will result from this project has an inordinate effect on the state's GDP. The jobs at Vermeer in manufacturing, and the upstream jobs in manufacturing that Vermeer creates through increased supplier demand, yields significant job benefits to the communities around our manufacturing ecosystem. This investment adds more manufacturing to Iowa’s economic mix. Vermeer produces over 300 products serving many sectors (mostly non-Ag), such as: broadband, all utility sectors, most forms of energy production and distribution, aggregates and soft/hard rock minerals, tree care, line clearing, forest fire prevention, composting, recycling, land development, and landscape industries.” It further notes that the company pays 70% of single coverage medical premiums and 60% of family coverage premiums. Bondurant’s past investment in public infrastructure has led to the creation of more than $350M in valuation and 4,400 jobs over the past six years. The City has been able to leverage this valuation to drop the City’s levy rate by more than 21% over the past six years. Bondurant has leveraged the IEDA Certified Site program in collaboration with area property owners to spur economic development in our community. This expands a targeted industry in the state of Iowa”. The council approved the whole consent agenda in one vote.

From the vote line in the official minutes, which names each member’s vote. Members not named in the vote line are shown as Not in the record unless the minutes list them absent. Vote line as printed: “Roll Call: Ayes: Cox, McKenzie, Sillanpaa, Driscoll, Lyman. Nays: None. Absent: None. Motion carried 5-0.”.