(Milford)– First it was Spirit Lake. Now that those talks have apparently broken off, developer Jim Rehfelt says he’s interested in building a Perkins restaurant in Milford.
It would be part of the Boji Junction property…formerly Boji Bay…at the intersection of Highways 86 and 71.
Meeting in special session Wednesday evening, the Milford city council reviewed a proposed developer’s agreement with Rehfelt. It calls for the city to expand an existing Tax Increment Finance District to include the site. The TIF would be in place 15 years. City Administrator Brian Reed estimates it would generate 24,800-dollars a year based on a one million dollar valuation of the project. Reed says it would generate about 372-thousand dollars over the 15 years. Of that, Rehfelt is requesting 272-thousand dollars up front. Reed says the city has that amount available in its Tax Increment Financing reserves. The money would eventually be refunded to the city. That has some council members concerned, saying they want to make sure the proper securities are in place in the event the business should fail before the city is paid back.
Other council members are concerned the agreement may be too restrictive and could cause Rehfelt to back out.
Rehfelt wasn’t present for the meeting. He was meeting instead with city officials in Fort Dodge, another city in the running for the restaurant.
Saying they want to hear Rehfelt’s comments on the proposed agreement, the council continued Wednesday’s meeting to today (Thursday).
