City of Charles City Agenda 2026-05-18
City Plans Tax-Increment Support for Cambrex Expansion
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Description
Charles City plans to support Cambrex Charles City, Inc.’s $149.8 million expansion by negotiating a development agreement that would rebate approximately $400,941 in property tax increment over nine years as the local match for a state BIG Program award.
Contract Details
Contract Amount
Approximately $400,941 (local contribution over nine years)
Vendor
CAMBREX CHARLES CITY INC
Agency
City of Charles, IA
Contract Type
FINANCIAL_SERVICES
Document Date
May 18, 2026
Contract Term
Approximately nine years of incremental property tax payments contingent on a future development agreement
Renewal Info
Resolution 61-26 expresses present intent; final terms, schedules, and any renewal options will be set in a future development agreement under Chapter 403.
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