Don’t look for the Perkins restaraunt sign in Spirit Lake anytime soon. An application from a franciser for tax increment financing to build a restaraunt was rejected by the city council last night.
Jim Raefelt asked that $600,000 in tax increment financing to be generated by the new retaraunt over the next several years go to offset his start-up expenses. Raefelt told the council he’s been working on the project six months and his best estimate at getting started was in the $2 million range. He said he’s willing to invest $1.4 million on his own by wanted the community’s help with the rest.
Four restaraunt owners addressed the city council last night with pretty much the same message: “We did it alone – so should future restaraunt owners.”
The council voted four to zero last night to turn down the TIF request. Councilman Jeff Thee was absent.
Raefelt told KUOO News after the meeting he’s glad he tried to put together a deal, but he probably won’t pursue it any further.
May 9, 2026
Honduras Man Sentenced In Case With Ties To NW Iowa
