DYERSVILLE, Iowa — A new “state of the art” spec building set to be located in Dyersville’s 20 West Industrial Center recently was awarded a large tax-increment-finance agreement despite the objection of one City Council member.

City Administrator Mick Michel explained that the Advanced Properties LLC deal consists of an 80% tax reimbursement over 15 years in an amount not to exceed $3.9 million.

“It does have a great amount of value, and we do anticipate that once that is put together, that it will have a tenant in it very shortly,” Michel said.

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He added that the project is a joint venture between A.J. Spiegel and Mike Decker and that it will be a premium concrete, tilt-up building that is supposed to look “state of the art.”

Dyersville Economic Development Corp. previously announced that the structure would span 52,000 square feet.

Construction on the first half of the building is expected to be completed this year, with the remainder finished in 2021.

Council Member Mike English said the only thing he questioned about the development pact was its length.

“I still think 15 years is a lot, and it’s technically not a job creator at this time,” he said.

With the amount of potential economic growth the building and future tenant could bring, Michel said he thought it was important to get the deal in place. He said he didn’t think 15 years was too long, given the return Dyersville eventually will see, coupled with the fact that the building will last for more than 100 years.

“I think it’s imperative that we move ahead with that venture at the 80% level,” Michel said. “I think in the long run, we’ll get money back from this deal in both job creation and also in valuation in the next couple of years.”

Council members voted, 4-1, to approve the deal, with English dissenting.

“I vote ‘nay’ just based on the 15-year time frame,” he said. “I’d prefer a 10- to 12-year (agreement).”