Council approves option for iron briquette processor
A proposal that could end with an $875 million investment in the Parkland Industrial Park garnered preliminary approval from the Superior City Council on Wednesday night.
Councilors approved option and development agreements with International Metallics Corp. The company is exploring development of a new facility that would process about 2.5 million tons of hot briquette iron annually.
The agreements give IMC Holdings LLC, a Wisconsin limited liability corporation, held by the Delaware-based International Metallics Corp., an option to purchase the property off County Highway Z to develop and equip the facility.
The site, owned by Douglas County and annexed by the city in 2000, is the same site considered by Magnetation for an iron pellet manufacturing facility two years ago.
The agreements give the company two years to exercise its option to purchase the property with benchmarks built into the agreement, said Jason Serck, director of economic development, planning and port. He said the agreements give the company time to do its market and engineering studies to determine the feasibility of the project.
The benchmarks include submitting construction plans to the city’s Redevelopment Authority, which has oversight of the development agreements, formal commitment to the project, and obtaining permits for construction, equipping and operation of the facility.
The development agreement is a little thin now and doesn’t include any incentives, Serck said. Those would come later and would likely include utility improvements to the site to help with the project.
“Thanks for looking into our community,” Councilor Mike Herrick said to company officials present at Wednesday night’s meeting.